Fallen billionaire and ex-CEO of the FTX platform, Sam Bankman-Fried, has been under house arrest since his release on bail. The prosecutors handling the case are close to reaching an agreement to modify his release conditions. A new arrangement would see it limited to a list of websites, as well as the use of monitoring software.
Towards more restrictions for Sam Bankman-Fried
While Sam Bankman-Fried had already been banned from using VPN services to access the Internet, federal prosecutors are seeking to severely limit his access to the connection. Additionally, they want to limit its technology access to a “flip phone or other non-smartphone.” Awaiting trial on a dozen charges related to the collapse of cryptocurrency exchange FTX.
Federal prosecutors spoke in a letter sent to court on March 3. They are asking for restrictions after Bankman-Fried violated his bail rules. Indeed, it was revealed that SBF used encrypted messaging apps and a virtual private network. According to the same letter, both parties propose that Bankman-Fried be limited to a restricted list of whitelisted websites. But also to online tools related to his defense. These tools include Zoom, government websites, and several blockchain data explorers.
Suggested personal use sites include news sites such as Bloomberg, The New York Post and The Block. For his leisure, he will be entitled to Netflix and Spotify streaming services. In addition, SBF will be entitled to the delivery applications Uber Eats and Door Dash. The government said it had determined that personal use sites “do not pose a risk of harm to the community, including because they do not have a private communication platform and do not pose a risk of access or transfer of crypto assets”.
New restrictions that impact his relatives
Since his release from prison, Sam Bankman-Fried has lived with his parents. With these new penalties, they will also have their personal devices registered with the court and equipped with surveillance software. Separately, other elements of the arrangement include a ban on the purchase of new electronic devices that allow Internet access and the installation of activity monitoring software on Sam Bankman-Fried’s laptop. He is required to register all his electronic devices with the court.
The hell that Sam Bankman-Fried is going through seems endless. The ex-CEO of FTX will have to be judged this fall. In the meantime, the case seems not to have revealed all its secrets yet. Following a confession of fraud by a former platform executive, the former CEO and majority shareholder of The Block disclosed a series of loans from former FTX and Alameda research founder Sam Bankman-Fried.
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