According to the latest reports, Sam Bankman-Fried, the disgraced CEO of the embattled crypto exchange FTX, is nearing an agreement with US prosecutors for a revised bail condition to persuade US District Judge Lewis Kaplan, who has complained about SBF’s use of technology during his confinement.
According to the letter written by Christian R. Everdell, SBF’s lawyer, he asserted to the judge that SBF was “close to a resolution” and that they believed they were close to a resolution. He also anticipated being able to present the court with a proposed order outlining these conditions by the following week.
Bail conditions negotiations intensify
According to the lawyer, Sam Bankman-Fried and federal prosecutors are “working tirelessly to agree on a set of particular bail restrictions that will answer the concerns stated by the government and the court.”
Following the accusation of crypto fraud and multiple interrogations, the ex-CEO of FTX was granted bail with a $250 million bond to remain under house arrest. However, the US District Judge expressed fury after discovering that SBF had been utilizing encrypted messaging apps and a virtual private network (VPN) to conceal his network identity.
After the critical discoveries on SBF’s meetings with the authorities of FTX and Alameda Research, Kaplan told him that he would proceed with further legal procedures if he violated the limits of the terms of his release.
SBF’s inventiveness troubles judge
At a hearing on March 10 with Kaplan, the prosecution demanded that SBF be provided with a flip phone that lacked internet capabilities and a laptop with a restricted set of functionality. In his response to the request, Kaplan said that since SBF is so “inventive,” it would be simple for him to “find a way around” the limits without anybody seeing it.
However, in the letter, Everdell asked the judge for permission to allow SBF to use a laptop to access some required documents from FTX under the condition that a lawyer would monitor his activities. This request was made in the context of Everdell’s request for the judge’s permission to allow SBF to use a laptop. The attorney continued by saying that the laptop would be returned to him after his client had obtained all the necessary items.