Sunday, July 14, 2024
HomeCryptocurrenciesAltcoinsFormer FTX CEO, SBF, Agrees to Revised Bail Terms with Prosecutors

Former FTX CEO, SBF, Agrees to Revised Bail Terms with Prosecutors

Former CEO of FTX, Sam Bankman-Fried, has reached an agreement with US prosecutors on revised bail terms. According to court papers filed by SBF’s attorney on Monday, the bail restrictions proposed by the prosecution, as well as SBF’s own requests, have been accepted. The next step is for the court to approve the signing of the proposed papers.

Revised Bail Terms

SBF’s attorneys submitted a request to District Judge Lewis Kaplan to accept the modified bail terms, which include a phone and laptop with restricted internet access. If approved, Sam Bankman-Fried will be provided with a new phone that can only make and receive voice calls and text messages, and a laptop that can only browse certain websites.

SBF’s parents have also agreed to keep their child off their electronics and are currently hosting him in exchange for a $250M bond. They have promised not to bring any illegal electronics inside the house. SBF maintains a not-guilty plea on all counts.

CEO Sam Bankman-Fried

Waiting for Court Approval

While the agreement has been reached between the parties, it will still take some time to put these bail terms into effect if the judge approves them.

FTX Token Controversy

According to a March 28 report from the Financial Times, FTX Token (FTT) was reportedly provided to Genesis executives at a reduced price due to their tight relationship with SBF’s Alameda Research. This allowed them to invest in FTT and Serum tokens before their public release.

Genesis Capital filed for bankruptcy in January due to its exposure to FTX and Alameda Research. By allowing parties affiliated with Genesis and those in SBF’s network access to the presale of FTT and Serum tokens, Genesis was able to maximize profits.

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