SBF Gets a Dumb Phone and Non-Connected Laptop in new Bail Terms

Photo by Quino Al on Unsplash

On Monday, March 27, the attorneys representing Sam Bankman-Fried (SBF), the disgraced founder of FTX, said that they had reached (1) a compromise with the US authorities over the new court orders.

This new turn of events occurs as the court has brought up the possibility of SBF being detained in jail pending the trial’s outcome.

District Judge Lewis Kaplan of the Southern District of New York has been presented with the newly suggested criteria for the purpose of receiving his consent.

As part of these terms and restrictions, FTX founder Sam Bankman-Fried will receive a new phone that is restricted to just supporting voice calls and text messaging and does not have internet connectivity.

In addition to this, he will be provided with a laptop that has restricted capabilities and will only let him access websites that have been pre-approved.

In addition to this, monitoring software that can track user activities will be installed on the laptop. In addition, SBF will not be granted any administrative access to prevent any kind of interference with the limits in place.

SBF’s parents, where the disgraced founder of FTX is presently staying, have concurred that they will not be allowed their son to use their gadgets or bring any devices that are not permitted into their home. This agreement was reached in addition to the one made by his attorneys.

These requirements, which were suggested earlier at the beginning of the month, resulted from the suspicion that SBF sought to contact eyewitnesses while he was out on bail.

It is important to note that the founder of FTX has entered a plea of “not guilty” to the counts of wire fraud and money laundering, and he is scheduled to stand trial for these crimes in October of this year.

Before the additional conditions can take effect, US District Judge Lewis Kaplan will have to give his blessing on them.

 

Sam Bankman-Fried on Bail

As most of us are aware, the disgraced founder of FTX is currently out on bail, having posted a bond in the amount of $250 million, which his parents co-signed.

As a form of collateral, he resides at the house his parents own in Palo Alto, California.

Sam Bankman-Fried got himself into a lot of difficulties as a result of the spectacular failure of the cryptocurrency exchange FTX in November 2022.

After declaring bankruptcy the previous year, FTX is currently going through the process of reorganizing its business.

At the beginning of this year, in the month of January, federal prosecutors from Manhattan stated that SBF attempted to get in touch with current executives at the FTX exchange, which is now defunct.

Due to the fact that this gave rise to suspicions of witness tampering, the prosecutors were compelled to place significant limits on the defendant’s access to the internet.

However, SBF’s attorneys stated that he was only attempting to help and was not trying to meddle in the proceedings.

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