Sam Bankman-Fried.
AP Photo/Seth Wenig
Sam Bankman-Fried’s lawyers and US prosecutors have agreed on a set of new bail terms.
Under the proposed terms, the FTX founder will not have internet access on his phone.
Bankman-Fried has pleaded not guilty to the charges against him.
Lawyers for Sam Bankman-Fried and prosecutors have agreed on a set of new bail conditions which limits the FTX founder’s communication with the outside world, according to a court filing on Monday.
The disgraced crypto exec will be given a new phone with no internet access and a new laptop with limited functionality under the agreement. Bankman-Fried is prohibited from using other electronic communication devices as well.
The 31-year-old will be limited to voice calls and texts on his phone, while his computer will only be able to reach certain approved websites and have monitoring software to track all activity.
Bankman-Fried’s parents, who put up their Palo Alto house as collateral for their son’s $250 million bond, agreed that they would not let allow him to use their own electronic devices as well. Bankman-Fried has been living with his parents since he was released late last year.
Prosecutors on Tuesday unveiled new charges against Bankman-Fried, including a bribery conspiracy charge that alleges the former exec paid $40 million to “influence” Chinese officials.
The new bail terms come after prosecutors raised the prospect of sending the disgraced crypto mogul back to jail before trial after suspicions that Bankman-Fried attempted to contact witnesses. US District Judge Lewis Kaplan, who is overseeing the case, still needs to approve these terms.
Bankman-Fried pleaded not guilty to eight criminal charges last year, including money laundering and wire fraud, after the swift collapse of his once $32 billion exchange FTX. His trial is set to begin on October 2.