• Home
  • Live Crypto Price
  • Contact
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact
No Result
View All Result
No Result
View All Result
Home Cryptocurrency

FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News

Jamie Redman by Jamie Redman
January 28, 2023
in Cryptocurrency
0 0
0
FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Sam Bankman-Fried, the disgraced co-founder of FTX, is seeking access to crypto assets associated with FTX and Alameda Research, according to a letter written by his attorney, Mark Cohen. Cohen insists that the existing bail conditions “related to crypto asset transfers should be removed.”

Bankman-Fried’s Legal Team Argues for Removal of 2 Bail Conditions

In a letter to the Southern District of New York (SDNY) judge Lewis Kaplan, Sam Bankman-Fried’s attorney, Mark Cohen, explains that his team believes Bankman-Fried’s current bail conditions are unfair and should be removed. Bankman-Fried was indicted by a federal grand jury in Manhattan and faces eight charges, including wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, money laundering, conspiracy to defraud the Federal Election Commission, and campaign finance violations.

The former FTX CEO was released on bail and the court’s Judge Kaplan imposed certain bail restrictions on Bankman-Fried. For instance, the defendant has been remanded to his parents’ home in California with a government-monitored ankle bracelet. Cohen, a white-shoe lawyer who represented Ghislaine Maxwell during her recent sex trafficking case, requests that “two additions” be removed from Bankman-Fried’s bail conditions. The first is that Bankman-Fried is currently prohibited from speaking with Caroline Ellison, Gary Wang, Nishad Singh, two redacted witnesses, and George Lerner (Bankman-Fried’s therapist).

Cohen stresses that the bail condition is “overbroad” and Bankman-Fried’s intentions to contact these individuals are attempts to “offer assistance in FTX’s bankruptcy process.” The lawyer notes that this type of communication “does not reflect misconduct.” Cohen gives an example, detailing that the government’s bail condition means that “Bankman-Fried could not speak to his therapist, who is a former FTX employee, without the participation of his lawyers.”

While the government has raised concerns over Bankman-Fried’s use of Signal and “other ephemeral messaging applications,” Bankman-Fried’s legal team opines that the concerns are unwarranted. “The government’s proposed bail condition regarding ephemeral messaging applications should not be imposed,” Cohen’s letter to Judge Kaplan details.

SBF Seeks Access to Crypto Assets Linked to FTX and Alameda Research

Additionally, Bankman-Fried is seeking rights to access specific crypto assets associated with FTX and the quantitative trading firm Alameda Research. “[Bankman-Fried is] prohibited from accessing or transferring any FTX or Alameda assets or cryptocurrency, including assets or cryptocurrency purchased with funds from FTX or Alameda,” the bail conditions note.

Bankman-Fried’s legal representation is urging the judge to drop the bail condition, as the team believes the conditions are unjustified. The government’s justification was bolstered by the recent transfers of FTX and Alameda-linked funds, Cohen detailed in the letter. However, Bankman-Fried has “repeatedly denied any involvement in the transfers” and he contacted the government as soon as he noticed the funds move. At a pretrial conference on January 3, 2023, prosecutors said they were still “investigating” who was responsible for the crypto transfers.

Cohen concludes that it’s been three weeks since the conference, and the legal team assumes the government’s investigation has proven “that he did not access and transfer these assets.” If investigators have figured out that Bankman-Fried did not transact with the cited crypto assets, then “existing bail condition related to crypto asset transfers” should cease. Bankman-Fried’s lawyers sum up the letter by stressing that given the “sole basis advanced for seeking that condition has not been supported,” Bankman-Fried’s litigation firm wholeheartedly believes that the “bail condition imposed at the conference should be removed.”

Tags in this story
Alameda Research, ankle bracelet, bail condition, bankruptcy process, campaign finance violations, Caroline Ellison, commodities fraud, crypto assets, ephemeral messaging applications, Federal Election Commission, ftx, Gary Wang, George Lerner, legal representation, Mark Cohen, Money Laundering, Nishad Singh, Sam Bankman-Fried, securities fraud, Southern District of New York, therapist, unjustified, Wire Fraud, witnesses

What do you think about Sam Bankman-Fried’s request to have his bail conditions changed? Share your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It





Source link

Previous Post

Bitcoin Sellers Exhausted, Accumulators HODL – Bitcoin Magazine

Next Post

Bitcoin Rise in First Month of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ to ‘Greed’ – Market Updates Bitcoin News

Jamie Redman

Jamie Redman

Next Post
Bitcoin Rise in First Month of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ to ‘Greed’ – Market Updates Bitcoin News

Bitcoin Rise in First Month of 2023 Moves Crypto Fear Index From 'Extreme Fear' to 'Greed' – Market Updates Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

May 5, 2022
BOLT12, LNURL And Bitcoin Lightning

BOLT12, LNURL And Bitcoin Lightning

June 20, 2022
Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

April 24, 2022
Nubank Rolls Out Bitcoin Buying In Brazil

Nubank Rolls Out Bitcoin Buying In Brazil

June 28, 2022
Bitcoin Is Our Weapon In The War Of Ideas

Bitcoin Is Our Weapon In The War Of Ideas

0
Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

0
Insurance Considerations For Bitcoin Miners

Insurance Considerations For Bitcoin Miners

0
Becoming A Sovereign Individual With Bitcoin

Becoming A Sovereign Individual With Bitcoin

0
Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice – Regulation Bitcoin News

Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice – Regulation Bitcoin News

March 29, 2023
Binance And Its CEO CZ Sued By CFTC After Alleged Regulatory Violations

Binance And Its CEO CZ Sued By CFTC After Alleged Regulatory Violations

March 27, 2023
‘The Only Way to Truly Scale Blockchains Is to Parallelize Processing’ Says Piers Ridyard – Interview Bitcoin News

‘The Only Way to Truly Scale Blockchains Is to Parallelize Processing’ Says Piers Ridyard – Interview Bitcoin News

March 27, 2023
The Latest Banking Crisis Is Why I Save In Bitcoin

Why We Opened The Belgrade Bitcoin Hub

March 25, 2023

Recommended

Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice – Regulation Bitcoin News

Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice – Regulation Bitcoin News

March 29, 2023
Binance And Its CEO CZ Sued By CFTC After Alleged Regulatory Violations

Binance And Its CEO CZ Sued By CFTC After Alleged Regulatory Violations

March 27, 2023
‘The Only Way to Truly Scale Blockchains Is to Parallelize Processing’ Says Piers Ridyard – Interview Bitcoin News

‘The Only Way to Truly Scale Blockchains Is to Parallelize Processing’ Says Piers Ridyard – Interview Bitcoin News

March 27, 2023
The Latest Banking Crisis Is Why I Save In Bitcoin

Why We Opened The Belgrade Bitcoin Hub

March 25, 2023

About Us

We bring you the latest bitcoin news from all over the internet

Categories

  • Cryptocurrency
  • Latest
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In