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

The lawyer representing the crypto-entrepreneur Sam Bankman-Fried (SBF) in the ongoing case FTX will soon submit a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed his dissatisfaction with SBF's use of encrypted messaging apps and virtual private network (VPN) services while he was out on bail.

Legal proceedings surrounding the fall of FTX led SBF to avoid potential jail time on $250 million bail. However, while on bailthe businessman used Signal, an end-to-end encrypted messaging service, to contact former colleagues at FTX and Alameda. Kaplan banned SBF from using such apps and threatened to revoke bail privileges if he acted out of order.

Following up on this order, Bankman-Fried's attorney, Christian Everdell, revealed on March 18 that the SBF and federal prosecutors "have been working diligently to agree on a set of specific bail conditions that will address the concerns expressed by the government." and court, Bloomberg reported. In the letter, Everdell stated:

"We believe we are close to a resolution and anticipate being able to file a proposed order outlining these conditions with the court by next week."

SBF maintains his innocence in claims regarding the misappropriation of FTX user funds. However, the businessman could face 115 years in prison. if found guilty under eight counts against you.

Related: FTX debtors report $11.6bn in claims, $4.8bn in assets, with many "undetermined" cryptocurrency holdings

During FTX's ongoing restructuring, current managers disclosed that FTX and former Alameda Research senior managers received $3.2 billion in payments and loans from entities linked to FTX.

Out of the lot, Bankman-Fried reportedly received the lion's share of the funds at $2.2 billion.