SBF set to agree on fresh bail conditions


TL;DR Breakdown

  • SBF’s legal counsel is negotiating new bail conditions
  • SBF’s legal counsel upbeat about new bail conditions
  • The Judge is skeptical about the negotiations

The legal representatives of former FTX CEO Sam Bankman Fried are on the verge of finalizing negotiations for a revamped bail condition. The legal counsel of SBF is currently in talks with the prosecutors to draw up new bail terms as they seek to convince the presiding Judge that the former FTX boss should be able to roam free.

SBF’s legal counsel upbeat about new bail conditions

In a letter that was published on Friday night, the lead attorney of SBF Christian Everdell explained that a filing has been submitted at the court to that effect. Everdell also said that the parties involved are currently on the verge of agreeing on a resolution that will see Bankman Fried being granted bail. However, he mentioned that the conditions might include stringent restrictions. SBF was charged for moving billions in user funds from the now-defunct FTX into various illegal activities.

Some of these activities include political donations for future help. The prosecutors also charged him for trying to push the losses to the accounts of his now-bankrupt research hedge fund Alameda Research. New bail talks were to be discussed after the Judge in charge of the case expressed his worry over SBF’s communications taking him over the limit of the previously agreed $250 million bail conditions.

The Judge is skeptical about the negotiations

Sam Bankman Fried has pleaded not guilty to all the counts of allegations brought against him while awaiting proceedings on four. He is currently under house arrest at Palo Alto, where he shares with his parents. Once both parties involved in the negotiations make headway, the Judge will deliver a final ruling regarding the issue. Prosecutors alerted the Judge of a breach of bail terms in January after uncovering evidence that SBF tried to reach out to one of the witnesses, a former lawyer and the present CEO of FTX.

The legal counsel of SBF clarified that he was trying to offer helpful advice to the new CEO and not to interfere with the ongoing case. However, the Judge was not having any of it and said that Bankman Fried could come up with better ways to contact others without being caught. In the filing on Friday, Everdell prayed to the court to allow his client access to his laptop. Although he argued that there would not be real-time monitoring, the Judge could appoint someone that would go over his activities anytime he finished using it

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Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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