FTX’s Sam Bankman-Fried in talks with US prosecutors to resolve dispute over strict bail conditions

Sam Bankman-Fried is in talks with US prosecutors to resolve a dispute over the bail conditions of the founder of crypto exchange FTX, his lawyer said on Thursday.

Supervising Judge Bankman-Fried’s A criminal fraud case in federal court in Manhattan on Wednesday temporarily barred the 30-year-old former billionaire from contacting employees of the company. FTX or his hedge fund Alameda Research, after prosecutors raised concerns that he might be tampering with witnesses.

His lawyers had previously countered that he had contacted current executives at the now-bankrupt exchange to offer “support” rather than intervention, so the condition of protection Additional receipts are not required.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ home in California.

In a court filing, defense attorney Mark Cohen asked U.S. District Judge Lewis Kaplan to postpone a February 7 hearing on the matter, as well as a February 2 deadline to explain why. he can access and transfer. electronic money before trial.

“The parties want to continue these discussions, which we are optimistic will lead to an agreement between the parties within the next few days and eliminate the need for further litigation,” Cohen wrote, noting that prosecutors member agreed to the request.

A spokesman for the United States Attorney’s Office in Manhattan declined to comment.

Once worth an estimated $26 billion (approximately Rs 2,12,989), Bankman-Fried was arrested in December after the collapse of FTX.

Prosecutors said he robbed FTX customers billions of dollars to cover losses at Alameda. Two former colleagues have pleaded guilty and are cooperating with prosecutors.

Bankman-Fried acknowledged the failure of risk management, but said FTX collapsed due to a liquidity crunch and that he did not steal the money. A trial is scheduled for October 2.

© Thomson Reuters 2023

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