Zinger Key Points
- A bail agreement is reached between Sam Bankman-Fried and U.S. prosecutors.
- The judge had restricted Bankman-Fried from contacting FTX and Alameda Research employees.
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Sam Bankman-Fried and U.S. prosecutors have come to an agreement regarding the conditions of his bail, according to a statement made by his legal representative on Monday, Reuters reported.
This was after the judge, who was overseeing Bankman-Fried's criminal fraud case in Manhattan, temporarily restricted him from contacting employees of FTX or Alameda Research hedge fund, due to concerns of witness tampering.
Bankman-Fried's lawyers argued his intention in contacting current executives was to offer assistance, not interfere.
Bankman-Fried entered a plea of not guilty and was currently under house arrest at his parents' home in California.
Defense lawyer Mark Cohen asked for a postponement of a hearing scheduled for Feb. 7, as well as a deadline for explaining why Bankman-Fried should be able to access and transfer cryptocurrency prior to the trial.
The cryptocurrency exchange collapsed in December, and Bankman-Fried was arrested soon after.
Prosecutors have accused him of looting billions of dollars in FTX customer funds to cover losses at Alameda, while Bankman-Fried claimed FTX's downfall was due to a liquidity crunch and he did not steal any funds.
Two former colleagues have already pleaded guilty and are cooperating with prosecutors.
The trial is set to take place on Oct. 2.
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Photo: Cointelegraph via Wikimedia Commons
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