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US District Judge Lewis Kaplan has expressed concerns over proposed bail terms for former FTX founder Sam Bankman-fried, as reported by Reuters. Kaplan reportedly commented, "He might find a way around it and conceivably not get caught." Bankman-Fried is awaiting a fraud trial scheduled for October 2nd.
Prosecutors accused him of stealing billions of dollars of FTX client funds, making tens of millions of dollars in illegal political donations, and manipulating witnesses. Three of Bankman-Fried's former close associates, including Caroline Ellison, former CEO of Alameda, Gary Wang, former chief of technology at FTX, and Nishad Singh, former chief of engineering at FTX, have pleaded guilty and are providing assistance to prosecutors.
Bankman-Fried's $250 million bail has come under scrutiny, especially following the revelation that he had attempted to contact possible witnesses during the trial. Furthermore, he was temporarily banned from using the VPN after being accused of using it twice, on January 29 and February 12.
Christian Everdell, Bankman-Fried's attorney, assured the court that to address the judge's concerns he will work with prosecutors on a new proposal. According to Cointelegraph, Kaplan has proposed banning Bankman-Fried from using smartphones, tablets, computers, and any gaming platform or device that allows for chat and voice communication.
Under the proposal, Bankman-Fried's communications would be limited to a flip phone or other non-smartphone device with no internet capability or with internet functionality disabled. In the meantime, while waiting for the examination of conscience of the American political class, the best resources of the country, namely the students, have paid the price.
FTX, at the hands of Sam Bankman Fried, had also donated several scholarships to Florida students who, despite themselves, were deprived of the prize received. According to Ray, the new CEO of the crypto company, FTX can be relaunched and the relaunch starts right from the foundations, that is, repaying creditors.
FTX Engineering Department Director Nishad Singh contributed $1.1 million to the LGBTQ Victory Fund Federal PAC, according to Federal Election Commission documents.