According to court documents filed Monday, the crypto exchange of FTX founder Sam Bankman-Fried lawyers have agreed with US prosecutors on new bail terms.
Sam Bankman-Fried’s Lawyers and Prosecutors Agree on Proposed Bail Terms
The FTX founder will be given a new phone without internet access and a laptop with limited functionality.
Among the terms submitted to New York Southern District District Judge Lewis Kaplan’s approval, Bankman-Fried will be given a new phone without internet access and will be limited to text messages and voice calls.
He will also be provided with a new laptop with limited functionality that will only be allowed to access approved websites.
Bankman-Fried’s parents, who will be staying at the FTX founder’s home, have agreed not to allow their sons to use their own devices or to bring home unauthorized devices.
These conditions, first proposed earlier this month, come after suspicions that Bankman-Fried was trying to contact witnesses when he was released on bail.
Bankman-Fried refused to plead guilty to wiretapping fraud and money laundering charges, which he will face trial in October.
The charges against Bankman-Fried stem from allegations that FTX manipulated the price of a token listed on its platform.
It was alleged that the token in question was used to close a $10 million futures contract on FTX’s platform, and Bankman-Fried placed large buy orders for the token to raise its price.
Following his arrest in December, Bankman-Fried was released on a $250 million bail signed by his family, who had their Palo Alto, California home as collateral.
On the other hand, a new indictment was put forward against the SBF today.
*Not investment advice.
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