The attorney representing crypto entrepreneur Sam Bankman-Fried (SBF) in the FTX case will shortly submit a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed his dissatisfaction with SBF’s use of encrypted messaging apps and virtual private network (VPN) services while out on bail.
Court proceedings surrounding the undoing of FTX led SBF to avoid potential jail time on $250 million bail. However, while out on bail, the businessman used Signal, an end-to-end encrypted messaging service, to contact former colleagues at FTX and Alameda. Kaplan banned SBF from using these types of apps and threatened to revoke bail privileges if it acted out of order.
Pursuant to this order, Bankman-Fried’s attorney, Christian Everdell, disclosed on March 18 that SBF and federal prosecutors “have been working diligently to agree on a number of specific bail conditions that address concerns expressed by the government and the court.”reported Bloomberg. In the letter, Everdell stated that:
“We believe we are close to a resolution and anticipate being able to file a proposed order outlining these conditions with the court by next week.”
SBF maintains its innocence in lawsuits related to the misappropriation of FTX user funds. However, The businessman could face 115 years in prison if convicted under the eight charges against him.
During FTX’s ongoing restructuring, current administrators revealed that former top brass at FTX and Alameda Research received $3.2 billion in payments and loans from entities linked to FTX.
Sharing the FTX Debtors’ press release just issued: https://t.co/r7PlneGSXF
—FTX (@FTX_Official) March 16, 2023
We share the press release from FTX debtors that has just been published.
From the lot, Bankman-Fried allegedly would have received most of the funds with 2,200 million dollars.
As Cointelegraph reported, FTX management is investigating its rights for potential action against recipients and their subsequent assigns.
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