SBF Lawyers Seek More Time To Meet Bail Terms Amidst Legal Woes

Key Points:

• FTX Founder’s Lawyers Request 2nd Extension for Bail Compliance.
• FTX founder Sam Bankman-Fried’s bail conditions were modified multiple times since December 2022, with new stipulations added in March 2022.
• SBF’s lawyers requested a week-long extension to find monitoring software that fulfills bail conditions, requiring SBF to use limited-functionality devices.

Lawyers of FTX founder Sam Bankman-Fried (SBF) have filed for a second extension to comply with the new bail conditions on April 11.

Sam Bankman-Fried’s bail conditions were initially set in December 2022 and have been modified several times since then. In January and February, they were modified twice each. In March, Sam Bankman-Fried’s bail conditions were updated again, requiring that SBF’s parents ensure that he would have no access to their laptops, desktops, and mobile phones. The court also ordered the installation of monitoring software on the parents’ devices that would automatically take pictures of the user every five minutes.

In the extension filing, Sam Bankman-Fried’s lawyers stated that they have received new phones with monitoring software installed as per the court order. However, the monitoring software does not automatically photograph the device’s users as the bail conditions require. This is a significant issue because the court order requires that SBF is monitored and photographed every five minutes.

Therefore, the lawyers have asked for a one-week extension to find a different monitoring software that can fulfill the bail conditions. This is a crucial step to ensure that SBF is complying with the court’s orders.

It is worth noting that Sam Bankman-Fried’s lawyers had previously asked for an extension on April 4. However, the judge denied their request.

In March, Federal Judge Lewis Kaplan thought SBF’s bail conditions were too lenient and expressed concerns about his access to technology and communication devices. The judge then denied the bail conditions agreed to by SBF’s lawyers and the prosecution.

Subsequently, on March 28, the judge set new bail conditions that required Sam Bankman-Fried to only use a flip phone with no internet access and a laptop with limited functionality. SBF is allowed to visit only approved websites using the laptop, loaded with monitoring software that logs all activity per the new bail terms.

The new bail conditions also required Sam Bankman-Fried to surrender all electronic devices as soon as he received the new court-approved phone and laptop. He was also prohibited from using any devices belonging to any third party, including his parents.

To ensure that SBF never used his parents’ devices, they are supposed to be password-protected and have monitoring software, according to the court order. This is a significant step to ensure that SBF is complying with his bail conditions and that he is not accessing any devices he is not supposed to access.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News