FTX and Sam, a strategy with small onions?

Arrested then placed under house arrest, Sam Bankman-Fried, the former boss of the bankrupt exchange FTX regularly makes headlines. Recently, SBF was at the center of a legal battle between its lawyers and the prosecutors. The latter do not agree with allowing SBF to get in touch by messaging with former employees. Eventually, the two parties reached an agreement.

A bet almost won for Sam Bankman-Fried?

The FTX scandal experienced new developments on Monday, February 6. Indeed, the defense lawyers of Sam Bankman-Fried, the former leader of the crypto company, have made an arrangement in order to obtain, for their client, the right to be able to communicate by messaging.

This right has so far been denied to him by US federal prosecutors. They suspect him in particular of continuing to pull the strings from Palo Alto, where he is under house arrest, to try to build his defense.

SBF authorized to communicate via private messaging

According to the feds, the crypto tycoon would have tried to influence, via the encrypted messaging application Signal, the testimony of Ryne Miller, an employee of FTX. SBF is also accused of having exchanges with John Ray, the current boss of FTX, concerning the means of funds of the company. Steps deemed suspicious that led federal prosecutors to want, rightly, to prevent him from communicating with employees of the company.

Finally, given the stakes, an agreement was reached. The terms of the deal allow SBF to use messaging apps like FaceTime, Zoom, iMessage, SMS, email, and Facebook Messenger. This, on the condition of not using encryption devices available on applications like Signal and WhatsApp.

Meanwhile, FTX’s new management team is trying to hold the house

While SBF has no end to its problems with the law, John Ray, the new strong man of FTX did not fail to confide in the difficulties he must face as the new manager of the mega platform of cryptos.

According to his confidences, between the management of the FTX bankruptcy procedure, the technical incidents, including hacks, and the frantic search for sensitive information for the company, it is “hell” at FTX.

The end of the tunnel is still far when we know that several long months still separate us from the SBF trial scheduled for October 2023.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Tremplin.io!

Similar Posts