The story of founder of bankrupt crypto exchange FTX Sam Bankman-Fried (SBF) continues to unfold as lawyers and the court continue to debate SBF’s bail terms.
Terms are yet to be approved
SBF lawyers have reportedly reached a new agreement with US prosecutors to allow Bankman-Fried to stay at home, albeit with restrictions on the use of some electronic devices and apps.
It report sourced from Reuters reports that the lawyers reached these new terms on March 27 after a judge indicated it might be necessary to jail SBF pending trial. It is worth noting that the new bail conditions still have to be approved by US District Judge Lewis Kaplan, who oversees the Bankman-Fried case.
According to rumors, Bankman-Fried will not be allowed to use a smartphone with internet access under some of the new proposed conditions, except for voice calls and text messages. The agreement further requires him to use a standard laptop with limited features and monitoring software to track his activity, while prohibiting the use of other electronic means of communication.
Attempts to influence witnesses
Also, on Monday, SBF’s parents would have agreed to limited access to their devices and signed affidavits stating that they would not have any banned electronic devices in their homes. In the event of a “reasonable suspicion” of a violation, SBF must offer its devices for search.
This new agreement comes weeks after Judge Kaplan tried to bar SBF from using electronic devices and the internet as a condition of his bail. The judge claimed that SBF had a “garden of electronic devices” with Internet access in the California home of Joe Bankman and Barbara Fried and that there was “probable reason” to believe that SBF was involved in witness influence attempts.
At the beginning of this month, Kaplan objected to a proposal to impose certain restrictions on SBF’s telephone and other electronic devices. He specifically stated that SBF was inventive and could find ways around the restrictions. In practice, such an imposed restriction would have no effect.
Criminal trial is scheduled for later this year
The criminal trial for SBF is scheduled for later this year, on October 2. This because of the criminal charges of stealing billions of dollars in FTX client funds facilitated through his Alameda Research hedge fund. He is also said to have made large illegal political donations.
He has pleaded not guilty to a total of 8 criminal cases. When you add up the potential sentences SBF faces, he could face up to 115 years in prison. However, it is not known whether he will be pleaded guilty at all, and if so, whether it will be for all charges. It remains to be seen what will emerge in the process.