SBF is now staying with his parents in exchange for a $250M bond, and they've promised not to bring any illegal electronics inside.
- The attorneys requested that the court approve the signing of the proposed papers.
- It will take some time to put these bail terms into effect if the judge approves them.
In negotiations with US authorities, former CEO Sam Bankman-Fried achieved an agreement on revised bail terms. The attorneys requested that the court approve the signing of the proposed papers which include a phone and laptop with restricted internet access.
The bail restrictions offered by the prosecution and amendments such as SBF’s request on March 17 for access to the FTX transactional database have been accepted, according to court papers filed on Monday by Sam Bankman-Fried’s attorney.
Waiting For Court Approval
The attorneys submitted a request to District Judge Lewis Kaplan to accept the modified bail terms. It will take some time to put these bail terms into effect if the judge approves them. Sam Bankman-Fried will get a new phone that can only make and receive voice calls and text messages and a laptop that can only browse certain websites, as was previously agreed upon.
SBF’s parents have mutually decided to keep their kid off of their electronics. SBF is now staying with them in exchange for a $250M bond, and they’ve promised not to bring any illegal electronics inside. Bankman-Fried now maintains a not-guilty plea on all counts.
According to a March 28 FT report, the FTX Token (FTT) was reportedly provided to executives at Genesis at reduced pricing. Moreover, because of their tight relationship with SBF’s Alameda Research, Genesis executives were able 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. Genesis was able to maximize profits by allowing parties affiliated with Genesis and others in Sam Bankman-Fried’s network access to the presale of FTT and Serum tokens.