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Sam Bankman-Fried agrees to limited bail conditions

sam-bankman-fried-agrees-to-limited-bail-conditions
Edited by
News
Sam Bankman-Fried agrees to limited bail conditions

FTX founder, Sam Bankman-Fried, has agreed to new bail conditions with US prosecutors that will limit his access to technology, according to court documents filed on March 28.

The proposed conditions were submitted for approval to District Judge Lewis Kaplan of the Southern District of New York.

Under the new conditions, Bankman-Fried will be given a new phone with no internet access and limited to text messages and voice calls only. He will also be provided with a new laptop with limited functionality and can only access approved websites.

Bankman-Fried’s parents, with whom he will reside, have agreed not to let him use their devices or bring unauthorized devices into their homes.

You might also like: FTX had a 6.8b hole when it filed for bankruptcy

This development comes after Judge Lewis Kaplan previously tried to shut down SBF’s access to electronics altogether. Kaplan argued that Bankman-Fried had a “garden of electronic devices” at his parent’s house and had probable cause to believe he was up to no good.

Criminal charges against Bankman-Fried escalate

As earlier reported by crypto.news, Bankman-Fried faces criminal charges of swiping billions of dollars in FTX customer funds and making questionable political donations. Bankman-Fried’s set to stand trial on October 2, 2023. If convicted, he could face a whopping 115 years in the clink.

In December 2022, Bankman-Fried posted a $250 million bond and was put under house arrest with location monitoring. He also had to give up his passport. But a few days later, some sleuths allegedly spotted transactions involving Bankman-Fried cashing out about $700,000 in a crypto exchange in Seychelles.

Bankman-Fried has denied involvement in these or any other transactions allegedly tied to him or FTX, but the judge isn’t taking any chances.

Read more: SBF and top FTX executives received $3.2 billion from Alameda

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