After a tumultuous month for disgraced FTX boss Sam Bankman-Fried (SBF), prosecutors have finally given ground.
January has been a difficult one for the SBF. Last week US District Judge Lewis Kaplan set the fine at $250 million bond, despite sitting on home arrest in California serious restrictions on his communication.
Bankman-Fried’s fear of prosecution attorneys’ requests would result in influencing witnesses. These concerns are aimed at Signal – an app that uses high-level encryption for messages.
But today it appears prosecutors have overturned the communications ban.
The FTX bankruptcy saga continues after a new deal was cut by the SBF’s defense team.
Lead defense attorney Mark Cohen affirmed the move, arguing that it was necessary to clarify the blurred lines surrounding the blanket comms ban.
The new arrangement will enable the SBF to continue to communicate as long as it complies with a non-contact order – a list of individuals it has been barred from contacting.
This will still give him the ability to liaise with current and former FTX employees. But will reopen your communication channels with family and friends.
In addition, Cohen also forced prosecutors to exempt certain names from the no-contact order. These names are unknown.
But this deal was not free. Pressuring prosecutors to reopen their channels of communication has proved costly. And the fallen industry star boy has accepted very strict bail conditions in other areas.
What are the new terms Sam Bankman-Fried has agreed to?
Following Announcement In the case of the communications embargo on the SBF, negotiations began immediately between the defense team, under the regular guidance of Mark Cohen, and the prosecutors, led by Franklin Williams Casey.
In any successful negotiation, you have to offer areas of agreement in order to get what you want. The SBF conversation was no different.
First, Cohen offered the highly sought-after sanctions against the former CEO. sbf Has agreed to a complete ban on engaging in cryptocurrency.
This extends to not having access to crypto assets and not engaging in any cryptocurrency transactions.
But beyond that, Cohen has also agreed to restrict SBF’s personal finances until the October trial.
This agreement restricts his ability to enter into transactions above $1,000. In addition to paying Cohen’s legal fees.
Many would be surprised that this arrangement was not already in place after the investigators 700 million dollars seized In assets from Crypto Boss.
A small victory for the SBF is assured, but for how long? Only October will tell.
The FTX saga continues.
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