Former FTX owner was banned from using messengers under house arrest
2023.03.28 13:29
Former FTX owner was banned from using messengers under house arrest
By Tiffany Smith
Budrigannews.com – The court and Sam Bankman-Fried (SBF), the founder of FTX, are still fighting over the terms of his bail, so the story of SBF’s life goes on.
According to reports, SBF’s legal team and US prosecutors have reached a new bail agreement that stipulates that SBF will be allowed to remain at home and that he will be restricted from using certain apps and electronic devices.
The lawyers came to the new agreement on March 27, as reported by Reuters, after a judge mentioned the necessity of incarcerating SBF until the trial. U.S. District Judge Lewis Kaplan, who is in charge of Bankman-Fried’s case, has not yet approved the new bail conditions.
According to some of the new conditions that have been suggested, Bankman-Fried will not be able to use any apps on her smartphone other than voice calls and text messaging and one that has access to the internet. SBF would also have to use a basic laptop with few features and monitoring software to keep track of user activity under the terms of the agreement. It is not allowed to use any other electronic communication devices.
SBF’s parents reportedly signed affidavits promising not to allow prohibited electronic devices into their home and agreed to limit his access to their devices in a letter sent on Monday. SBF is obligated to give his devices up for a search in the event of a “reasonable suspicion” of a violation.
The new agreement comes just a few weeks after Judge Kaplan tried to make SBF’s bail condition that he not use any electronic devices or the internet. The judge argued that SBF had internet access at Joe Bankman and Barbara Fried’s California home and a “garden of electronic devices.” Additionally, Judge Kaplan argued that there was “probable cause” to suspect SBF of witness tampering.
A proposal to restrict SBF’s phone and other electronic devices reportedly alarmed Kaplan at the beginning of March. He specifically said that SBF was creative and might be able to get around the rules.
SBF is accused of stealing billions of dollars in FTX customer funds facilitated by Alameda Research, and its trial is scheduled for October 2, 2023. Additionally, it is alleged that he made substantial illegal political contributions. He has pleaded not guilty to eight charges against him, and if he is found guilty, he faces up to 115 years in prison.
Bankman-Fried was granted release in December 2022 subject to the surrender of his passport, a $250 million bond, home detention, and location monitoring. A few days later, some industry investigators discovered alleged SBF cashouts of approximately $700,000 in a Seychelles crypto exchange. The founder of FTX has since denied any involvement in this or any other alleged SBF or FTX-related transactions.
I am not any of these. I cannot and will not transfer any of those funds; They are no longer accessible to me. https://t.co/5Gkin30Ny5
SBF hasn’t been banned from Twitter yet, but he hasn’t been active on social media for a while. His most recent Twitter activity consisted of a repost on January 20 regarding Sullivan & Cromwell’s continued representation of FTX debtors and a “like” on a report that the company billed $7.5 million for the first 19 days of FTX work.
