SBF is headed to one of New York City’s most notorious prisons

News Snapshot:

The New York federal judge presiding over cryptocurrency exchange founder Sam Bankman-Fried’s criminal trial rescinded his $250 million bail on Friday (Aug. 11). That decision will send the disgraced former billionaire to the Metropolitan Detention Center (MDC) in Brooklyn. US district judge Lewis Kaplan’s ruling ends months of house arrest in Palo Alto, California, where Bankman-Fried was allowed to stream Netflix and make calls via a flip phone at his parents’ home. Now, SBF will await his trial in a cell at the MDC, a prison notorious for poor conditions and corruption. Advertisement Kaplan explained that his decision stemmed from...