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Sam Bankman-Fried's attorney will submit a revised version of the bail to Judge Lewis Kaplan. The decision was made following Kaplan's disappointment with SBF's use of encrypted messaging apps and virtual private network services while on bail.
Bankman-Fried's attorney, Christian R. Everdell, told Bloomberg on March 18 that SBF and federal prosecutors have been working diligently to agree on a set of specific bail terms that address the concerns expressed by the government and the court.
In the letter, Everdell stated that: "We believe we are close to a resolution and look forward to being able to submit a proposal to the court outlining these conditions by next week." SBF continues to maintain its innocence regarding the allegations of misappropriation of FTX users' funds.
However, the entrepreneur could face 115 years in prison if found guilty of the eight counts.
Sam Bankman-Fried will propose a revised bail deal
Legal proceedings related to FTX's bankruptcy resulted in SBF avoiding jail time thanks to a $250 million bail.
However, while on bail, the entrepreneur used Signal, an end-to-end encrypted messaging service, to contact former colleagues at FTX and Alameda. Judge Kaplan barred SBF from using those apps and threatened to revoke bail privileges if it acted improperly.
During FTX's reorganization, the current directors disclosed that former heads of the exchange and Alameda Research received $3.2 billion in payments and loans from FTX-related entities. Bankman-Fried reportedly received the bulk of the funds, amounting to $2.2 billion.
As Cointelegraph reported, FTX management is investigating its rights to take potential actions against recipients and their subsequent assignees. 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.
