Sam Bankman-Fried, founder of FTX, has reportedly reached a new bail agreement with US prosecutors that will allow him to remain at home with some restrictions on his use of electronic devices and apps. According to the new proposed conditions, Bankman-Fried will be forbidden from using a smartphone that has internet access, along with any applications other than text messaging and voice calls. He will also need to use a basic laptop with limited functions and monitoring software to track user activity. The use of any other electronic communication devices is forbidden.
The agreement is yet to be approved by US District Judge Lewis Kaplan, who is overseeing Bankman-Fried’s case. In December 2022, Bankman-Fried was released on the conditions of a $250 million bond, home detention, location monitoring, and the surrender of his passport. He faces a trial on criminal charges of stealing billions of dollars in FTX customer funds and making illegal political donations, set for October 2023, and has pleaded not guilty to eight criminal counts that could result in 115 years in prison if he is convicted.
