FTX Founder SBF Granted Bail with Restrictions on Electronic Devices and Apps

The founder of FTX, SBF, has been granted bail with certain restrictions on his use of electronic devices and applications. 

Sam Bankman-Fried, the founder of FTX, has reportedly reached a new bail agreement with U.S. prosecutors, allowing him to stay at home with some restrictions on electronic devices and apps. The agreement comes after Judge Lewis Kaplan expressed concerns about Bankman-Fried's access to the internet and electronic devices. 

The new bail conditions, which are yet to be approved by Judge Kaplan, would reportedly prohibit Bankman-Fried from using a smartphone with internet access and any apps other than voice calls and text messaging. 

He would be required to use a basic laptop with limited functions and monitoring software to track user activity, and the use of any other electronic communication devices would be forbidden.

SBF's parents have agreed to restrict his access to their devices and not to bring prohibited electronic devices into their home, while SBF himself would be required to submit his devices for a search in case of "reasonable suspicion" of a violation. 

The new agreement comes ahead of SBF's trial in October 2023, where he faces eight criminal counts of stealing billions of dollars in FTX customer funds and making large illegal political donations.

Bankman-Fried was freed from custody in December under the terms of a $250 million bond, home detention, location tracking, and the return of his passport. 

However, a few days later, industry investigators spotted transactions allegedly involving SBF cashing out about $700,000 in a crypto exchange in Seychelles, in which he denied involvement.

The new bail agreement is an attempt to prevent SBF from tampering with witnesses or engaging in further illicit activity, as Judge Kaplan had expressed concerns over SBF's inventiveness and ability to evade restrictions. 

Despite the restrictions, SBF has apparently not been banned from Twitter and has been staying away from any activity on the social media platform for a while.

Overall, the new bail agreement with restrictions on electronic devices and apps is an attempt to mitigate any potential risks of further illicit activity or witness tampering by Sam Bankman-Fried.

 Also read - Faster & Safer BTC Transactions with Zero-Knowledge Proofs | CoinGabbar News