Sam Bankman-Fried In New Move Trying To Find A Way To Access FTX Assets

Key Points:

• Sam Bankman-Fried’s attorneys have claimed that he should have access to the assets and cryptocurrency owned by his former business FTX.
• According to the attorney, the government recognized to the court that there was no proof linking SBF to the crime and that its inquiries have supported what SBF has always maintained, namely that he did not access or move the funds.

The former FTX CEO Sam Bankman-Fried (SBF) lawyer Mark S. Cohen wrote in a letter to Judge Kaplan that SBF should be allowed to access the assets and encryption of FTX/Alameda crypto.

After tendering a not-guilty plea to accusations of wire fraud and money laundering, Bankman-Fried, who resigned from his role as CEO of FTX on November 11, 2022, when the cryptocurrency exchange filed bankruptcy, is now out on bail and is not guilty of the allegations.

As part of his bail conditions, Bankman-Fried was prohibited from accessing the cryptocurrencies owned by FTX and its trading business, Alameda Research, after the authorities identified unlawful transactions conducted from Alameda wallets. The digital currency used at the bar was purchased with FTX or Alameda money.

According to Cohen, the bail conditions previously imposed on SBF by the government and the court to “prohibited from accessing or transferring any FTX or Alameda assets or cryptocurrency, including assets or cryptocurrency purchased with funds from FTX or Alameda.” should be removed.

The lawyer said the government acknowledged to the court that there was no evidence that SBF was responsible and that the government’s investigations have confirmed what SBF has always said, namely, that he did not access and transfer the assets.

“Nearly three weeks have passed since the initial pretrial conference and we assume that the Government’s investigation has confirmed what Mr. Bankman-Fried has said all along; namely, that he did not access and transfer these assets,” the letter read.

The U.S. Department of Justice asked for a communications ban as an extra bail requirement in a petition on January 27 after learning that Bankman-Fried had made contact with FTX’s general counsel Ryne Miller and a prospective witness in the case.

In response, Cohen largely supports the limitation but asserts that Bankman-Fried ought to continue to have access to a few former coworkers, such as his therapist George Lerner.

Cohen said that Bankman-Fried emailed Miller and the new FTX CEO John Ray communications in an effort to give his help, but the messages appear to have been disregarded by the intended receivers.

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Harold

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