Lawyer representing cryptocurrency entrepreneurs Sam Bankman-Fried (SBF) in the ongoing case, FTX will soon submit a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed displeasure over SBF’s use of encrypted messaging apps and virtual private network (VPN) services while on bail.
Court proceedings surrounding the fall of FTX led SBF to avoid possible jail time with a $250 million bond. However, while on bondthe entrepreneur used Signal, an end-to-end encrypted messaging service, to contact former colleagues at FTX and Alameda. Kaplan banned SBF from using such apps and threatened to revoke his bail privileges if he acted out of order.
Following the order, Bankman-Fried’s lawyer, Christian Everdell, revealed on March 18 that SBF and federal prosecutors “worked diligently to agree on a set of specific bail conditions that will address the concerns expressed by the government and the court,” Bloomberg .” reported. In the letter, Everdell stated:
“We believe we are close to a resolution and expect to be able to submit a proposed order outlining those terms to the court by next week.”
SBF maintains his innocence in claims related to the misappropriation of funds of FTX users. However, the entrepreneur faces up to 115 years in prison if found guilty under eight points against him.
Related: FTX debtors report $11.6 billion in receivables, $4.8 billion in assets, with many crypto holdings ‘undetermined’
During the ongoing restructuring of FTX, the current administrators revealed that former top executives of FTX and Alameda Research had received $3.2 billion in payments and loans from FTX-related entities.
Sharing the just released FTX Debtors press release: https://t.co/r7PlneGSXF
— FTX (@FTX_Official) March 16, 2023
Bankman-Fried reportedly received the lion’s share of the $2.2 billion in funds.
As reported by Cointelegraph, FTX management is investigating its rights for possible action against the beneficiaries and their successors.