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Once he made billions, now he lives with mom and they even want to ban him from LoL

A billionaire is under house arrest: American authorities accuse Sam Bankman-Fried, founder of crypto exchange FTX, of systematic fraud and money laundering. He is currently awaiting his trial. But because he doesn’t follow the rules, the court is now threatening to revoke some of his privileges: They could even take away his beloved League of Legends (LoL) from him.

Who is Sam Bankman Fried? SBF was once considered a star of the crypto scene. In 2019 he founded the crypto exchange FTX together with a friend from university. The company quickly became a huge success. Within a few years, FTX secured billions of dollars in investments and SBF made a fortune. The company has grown into one of the largest trading and investment platforms in the crypto sector in recent years.

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SBF then made its company known to a broad public through sponsorship. Among other things, the company secured the naming rights to an NBA basketball stadium in Miami. They also acted as sponsors of Mercedes in Formula 1. FTX was also active in the field of e-sports. In June 2021, they inked a sponsorship deal with TSM (Team SoloMid).

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SBF is a big gaming fan himself. At a video conference with a major investor, Sam Bankman-Fried reportedly secretly played League of Legends instead of focusing on the meeting.

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In November 2022, the company ran into liquidity problems. FTX filed for bankruptcy after a takeover bid by another crypto exchange was withdrawn. Many private investors lost their money and SBF is accused of defrauding its customers and investors.


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Court threatens to restrict Internet access for not following the rules

What crimes is he accused of? The American authorities charge Bankman-Fried with 8 serious crimes. The complaint alleges, among other things, “wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundring”.

In our legal system, these allegations correspond roughly to the offenses of telecommunications fraud, telecommunications fraud conspiracy and securities fraud, and securities fraud conspiracy and money laundering, respectively.


Sam Bankman-Fried faces up to 115 years in prison if convicted on all charges. However, SBF pleaded “not guilty” in a first hearing, so there will soon be a big hearing.

What did the court order? He is out on bail and under house arrest until the trial begins. He is currently serving this house arrest in his parents’ house.

In poor circumstances he does not live at home. His parents, Joseph Bankman and Barbara Fried, live in a multimillion-dollar mansion in Palo Alto, Calif. (via Insider). He has to wear an ankle bracelet and his communication options are limited.


Sam Bankman-Fried is only allowed to use his cell phone and computer to communicate with his lawyers.

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After Bankman-Fried was caught using a VPN client to secretly watch the Superbowl, authorities are now threatening further restrictions on his access to electronic devices.


In order to check whether he is complying with the judge’s orders, the authorities are requiring electronic monitoring of his devices. Sam Bankman-Fried would then only have access to his Gmail account, Zoom and SMS. He may use these means to contact his lawyers.

The authorities want to prevent SBF from contacting witnesses at all costs. That’s why he’s no longer allowed to play LoL, he could theoretically use the chat to influence witnesses and compromise the process. These restrictions are likely to displease SBF. The League of Legends enthusiast will have to do without his favorite game in the future.

In order to avoid further trouble with the courts, SBF should play single-player games in the future. If he’s convicted, he’ll have to find a new hobby in prison anyway.


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