Sam Bankman-Fried's Lawyers, Prosecutors Agree on Proposed Bail Conditions

The FTX founder will be given a new phone without internet access and a laptop with limited functionality.

AccessTimeIconMar 28, 2023 at 8:31 a.m. UTC
Updated Mar 28, 2023 at 3:34 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Lawyers for Sam Bankman-Fried, the founder of crypto exchange FTX, have agreed on new bail conditions with U.S. prosecutors, according to court documents filed on Monday.

Among the conditions submitted for approval to District Judge Lewis Kaplan of the Southern District of New York, Bankman-Fried will be given a new phone that won't have internet access and will be limited to text messages and voice calls. He will also be provided a new laptop with limited functionality that will be allowed access only to approved websites.

Bankman-Fried's parents, in whose home the FTX founder will be residing, have agreed not to allow their son to use their devices nor bring unpermitted devices into the home.

These conditions, initially proposed at the start of this month, followed suspicions that Bankman-Fried had attempted to contact witnesses while on bail. He has pleaded not guilty to charges of wire fraud and money laundering, for which he will stand trial in October.

Following his arrest in December, Bankman-Fried was released on bail on a $250 million bond, co-signed by his parents, who put up their home in Palo Alto, California as collateral.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.