Attorney for former FTX CEO Sam Bankman-Fried (SBF) plans to propose a new bail package to Presiding Judge Lewis Kaplan of the Southern District of New York in his criminal case. This step comes after Kaplan recently criticized Bankman-Fried for being able to communicate via encrypted messenger services and Virtual Private Networks (VPNs).
Following the collapse of FTX, SBF was sued on multiple fronts, although the latter is provisionally free from his criminal case on a whopping $250 million bail. However, during his bail, the former CEO of the failed crypto exchange used encrypted messengers like Signal to contact former employees of FTX and sister company Alameda Research, which is why Judge Kaplan now wants such services banned. If Bankman-Fried then violates those conditions, his release on bail could be overturned.
Christian Everdell, attorney for Bankman-Fried, announced on March 18 that his client and prosecutors are “already carefully evaluating what specific bail terms they can agree on to satisfy the court’s concerns.” According to a Bloomberg report, Everdell adds:
“We believe we are on the verge of a solution and expect to be able to make a proposal to the court on the new bail terms next week.”
SBF, meanwhile, continues to maintain its innocence regarding the allegations against him, with up to 115 years in prison if found guilty.
Sharing the FTX Debtors’ press release just issued: https://t.co/r7PlneGSXF
— FTX (@FTX_Official) March 16, 2023
As part of the processing of the FTX case, it was also recently disclosed that the former management of the crypto trading platform pocketed a total of 3.2 billion US dollars in funds from the company construct.
Sam Bankman-Fried alone is said to have collected the bulk of a whopping 2.2 billion US dollars.
