Sam Bankman-Fried to propose revised bail package ‘by next week’

The Attorneys Representing Crypto Entrepreneur Sam Bankman-Fried (SBF) in the Current FTX Lawsuit Will Soon File a Revised Bail Package with Judge Lewis Kaplan of the Southern District of New York intend to do something. The move comes after Kaplan complained about his use of SBF’s encrypted messaging app and virtual private network (VPN) service while out on bail.

The legal proceedings surrounding the downfall of FTX allowed SBF to avoid possible jail time on a $250 million bail bond. But while out on bail, the entrepreneur used Signal, an end-to-end encrypted messaging service, to reach out to former FTX and Alameda colleagues. Kaplan barred the SBF from using such apps and threatened to revoke bail privileges if they disrupted order.

Following the order, Bankman-Fried’s attorney, Christian Everdell, said on March 18 that the SBF and federal prosecutors had “agreed to agree on a set of specific bail terms that would address concerns expressed by the government and the courts.” We have been working hard on it.”Bloomberg reportIn the letter, Everdell said:

“We believe we are close to a resolution and expect to be able to file with the court a proposed order outlining these terms by next week.”

SBF has pleaded not guilty to charges related to embezzlement of FTX user funds. However, the entrepreneur could face 115 years in prison if found guilty under eight counts against him.

Related: FTX Debtors Report $11.6 Billion Claims, $4.8 Billion Assets, Many Crypto Assets ‘Undecided’

During FTX’s ongoing restructuring, current management revealed that former FTX and Alameda Research executives received $3.2 billion in payments and loans from FTX-related entities.

Bankman-Fried reportedly received the majority of the $2.2 billion in funding.