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FTX Founder Sam Bankman-Fried’s Bail Restrictions Tighten as Trial Approaches

FTX Founder Sam Bankman-Fried’s Bail Restrictions Tighten as Trial Approaches

The ongoing debate between the lawyers and the court regarding FTX founder Sam Bankman-Fried's bail conditions is unfolding.

According to reports, SBF’s lawyers have made a new bail agreement with U.S. prosecutors, which allows him to remain at home with certain restrictions on electronic devices and apps.

The agreement is still subject to approval by U.S. District Judge Lewis Kaplan, who oversees Bankman-Fried’s case.

If approved, the new bail conditions would restrict SBF from using any electronic communication devices except for a basic laptop with limited functions and monitoring software for user activity, voice calls, and text messaging.

Furthermore, he would be barred from using a smartphone with internet access or any other apps.

SBF’s parents have agreed to restrict their devices and sign sworn affidavits promising not to bring prohibited electronic devices into their homes. If there is a “reasonable suspicion” of a violation, SBF must submit his devices for a search.

READ MORE: Crypto Company Founder Receives Long Sentence for Fraudulent ICO

Bankman-Fried is facing a trial on Oct. 2, 2023, for stealing billions of dollars in FTX customer funds via his Alameda Research hedge fund and making significant illegal political donations.

He has pleaded not guilty to eight criminal counts, possibly leading to 115 years of imprisonment if convicted.

In December, Bankman-Fried was released on a $250 million bond, home detention, location monitoring, and passport surrender.

However, he allegedly cashed out approximately $700,000 in a crypto exchange in Seychelles a few days later. SBF has denied involvement in this or any other transactions associated with him or FTX.

Although he has not been banned from Twitter, he has been inactive on social media.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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