Connect with us
Active Currencies 14898
Market Cap $2,498,164,320,164.90
Bitcoin Share 51.16%
24h Market Cap Change $2.06

What Sam Bankman-Fried’s revised bail terms entail

2min Read
What Sam Bankman-Fried’s revised bail terms entail

Share this article

  • Sam Bankman-Fried’s lawyers and prosecutors have agreed upon modified bail terms for the disgraced CEO.
  • The revised terms include a cell phone for SBF with no internet connectivity and a laptop with monitoring software.

Sam Bankman-Fried’s defense team and the prosecutors assigned to his case have agreed over the terms of the disgraced crypto tycoon’s bail conditions. The modified bail terms will apply to the former FTX CEO while he awaits trial in the criminal case filed against him by the United States Department of Justice. 

SBF to use a phone with no internet access

According to the documents filed in the U.S. District Court for the Southern District of New York, Sam Bankman-Fried will be allowed to use a cellphone with no internet connection. The phone would allow the disgraced CEO to make phone calls and communicate through SMS. All other communication devices are off-limits for SBF. 

Bankman-Fried will also have access to a laptop with restricted access, which will only let him view pre-approved websites. The laptop will have monitoring software to track SBF’s activities. Additionally, in the event that there is a reasonable suspicion of violation, the devices will be called for a search. 

The prosecutors have agreed to let Sam Bankman-Fried remain at his family home in Palo Alto, California. But this will be allowed only if his parents agree to certain conditions. These include not letting him access their personal devices and not letting him bring unauthorized devices into the residence. All conditions have reportedly been agreed upon.

However, the modified bail terms are subject to approval from Judge Lewis Kaplan, who is overseeing the criminal case. 

Calls for stricter bail terms intensified last month after prosecutors found out that SBF had contacted former employees to influence their testimony. Judge Kaplan warned that SBF’s house arrest may be revoked and he could be sent to jail over his actions.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.