“US Prosecutors Aim to Limit Internet Access of Ex-FTX CEO Sam Bankman-Fried: Latest Bitcoin News”
prosecutors argue that SBF’s unrestricted internet access poses a significant flight risk and could potentially allow him to tamper with evidence or communicate with co-conspirators.
The proposed modification would require SBF to surrender his smartphone and instead use a government-issued flip phone with disabled internet capabilities. The phone would only be allowed for communication with his legal team and pre-approved family members. Additionally, SBF would be required to submit to random searches of his electronic devices and would be prohibited from using any device that allows for chat or voice communication.
The request for modification comes after SBF was indicted on charges of securities fraud and market manipulation in connection with his time at FTX. The charges allege that SBF engaged in a scheme to manipulate the price of certain cryptocurrencies and misled investors about the volume and liquidity of FTX’s trading platform.
SBF was released on a $10 million bond in December 2022, with strict bail conditions that included surrendering his passport, wearing an ankle monitor, and limiting his travel to the Southern District of New York and the District of Columbia. However, prosecutors argue that these conditions are not enough to prevent SBF from fleeing or tampering with evidence.
The court has yet to rule on the proposed modification to SBF’s bail conditions. If approved, SBF would be required to surrender his smartphone and comply with the new restrictions on his electronic devices.