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FTX: Bankman-Fried reaches new bail agreement with prosecutors

FTX: Bankman-Fried reaches new bail agreement with prosecutors

UNITED STATES - DECEMBER 8: Sam Bankman-Fried, founder and CEO of FTX, testifies during the House Financial Services Committee hearing titled Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States, in Rayburn Building on Wednesday, December 8, 2021. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images)

Lawyers for Sam Bankman-Fried said on Monday that they had reached an agreement with US prosecutors on revised bail conditions after a judge raised the possibility of imprisoning the indicted FTX cryptocurrency exchange founder pending trial.

Bankman-Fried would have a new phone with no internet capability and a basic laptop with limited functions under some of the proposed new conditions but would be prohibited from using other electronic communication devices.

To prevent tampering with the restrictions, the laptop will have monitoring software that tracks user activity, and Bankman-Fried will not have administrative access.

Furthermore, the new phone’s communication capabilities will be limited to text messages and voice calls, with all other messaging apps barred.

Bankman-parents Fried’s agreed in Monday’s letter to limit his access to their devices while also signing sworn affidavits promising not to bring prohibited electronic devices into their home.

Bankman-Fried must submit his devices for search if there is reasonable suspicion of a violation, according to the letter.

The new terms would need to be approved by U.S. District Judge Lewis Kaplan, who is overseeing Bankman-case. Fried’s

Bankman-Fried, 31, is scheduled to stand trial on October 2 on criminal charges of stealing billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund and making large illegal political donations to buy influence in Washington, D.C.

He has pleaded not guilty to eight charges and has yet to be arraigned on four others.

Following his extradition from the Bahamas, where FTX was based, in December, the former billionaire wunderkind was released on a $250 million bond to home detention at his parents’ Palo Alto, California, home.


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