Former FTX CEO's Legal Team Requests Bail Extension

The attorneys working for Sam Bankman-Fried reported that the prosecutors had no disputes with keeping his bail stipulations in place until his company was able to select an appropriate technical expert.

Lawyers acting on behalf of ex FTX CEO Sam Bankman-Fried in federal court have asked for more time to submit a plan relating to the conditions of his bail.

According to a document filed with the United States District Court for the Southern District of New York on February 24th, Mark Cohen of Cohen & Gressler stated that the legal team requested an extension until March 3rd to submit a proposal for more bail conditions for Bankman-Fried. Additionally, the lawyers are searching for a qualified individual to serve as a technical expert in the case. This decision was made after a hearing on February 16th, where the former FTX CEO's use of a virtual private network (VPN) was discussed, and the lawyers agreed to hire an expert on the matter.

The filing claimed that the parties had been doing their best to look for the right person to be the Court's technical consultant, but they haven't found one yet. Cohen stated furthermore that the government had no complaints with the parties asking for more time to discuss additional bail conditions for Mr. Bankman-Fried and to keep the existing bail conditions while they talk.

Judge Lewis Kaplan proposed that more limits could be imposed on Bankman-Fried's $250 million bail after a report indicated he utilized a VPN on the 29th of January and the 12th of February. Lawyers for the ex-CEO claimed he was using the technology to view football games and agreed that Bankman-Fried should cease use of VPNs while the court deliberated on the subject.

Since his arraignment in December of 2022, SBF has mainly been kept inside his parent's house in California. However, he has been called back to court a few times for proceedings linked to his bail. According to the court documents, the ex- FTX CEO attempted to communicate with his prior coworkers by way of encrypted messaging apps. Judge Kaplan has also insinuated taking away SBF’s bail altogether, meaning that he'd probably be held in federal custody until October when his criminal trial starts.

On February 22, the court released a new indictment against Bankman-Fried that had 12 criminal charges instead of the initial eight charges that he faced on December 13. The new indictment included accusations of conspiracy to commit bank fraud, as well as information regarding his purported illegal political donations, which he allegedly made through the use of third-party donors, resulting in contributions totaling tens of millions of dollars.