Sam Bankman-Fried (SBF), the former CEO of FTX, plans to propose a revised bail package to the judge presiding over his case.
SBF, the former CEO of bankrupt FTX, continues to struggle with legal processes. The FTX crisis, which caused the collapse of the crypto industry last year, had victimized millions of investors. FTX’s CEO at that time, SBF, was sentenced to house arrest with $250,000 bail.
The judge, however, began to feel uncomfortable with the SBF’s use of technology under house arrest. Aiming to resolve these problems, SBF is considering a revised bail package aimed at satisfying the trial judge.
SBF Focused on Revised Bail Plan
Sam Bankman-Fried (SBF), held responsible for FTX and the crypto industry, was sentenced to house arrest with a $250 million bail.
SBF, who was under house arrest with his family with a monitoring device on his ankle, drew the reaction of US District Judge Lewis Kaplan for using VPN and encrypted messaging applications.
Kaplan threatened to cancel his bail package if he wasn’t satisfied with the restrictions and send SBF to jail ahead of his October hearing.
The SBF’s attorney wrote in a letter to the judge the other day that the SBF and federal prosecutors are “working diligently to agree on a set of specific bail conditions that will address the concerns raised by the government and the court.”
Finally, SBF’s lawyer stated that they are getting close to solving the problems and that they will propose the revised bail package to the court in a week.
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