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Sam Bankman-Fried’s defense moves to remove restrictions on FTX assets

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1671595098 FTX generic 2

1671595098 FTX generic 2

On Jan. 28, Sam Bankman-Fried’s legal representatives filed paperwork to have a restriction lifted that currently prohibits the former CEO from accessing FTX’s funds. 

Bankman-Fried’s legal team argues that bail conditions prohibiting him from accessing or transferring any assets related to FTX or Alameda Research, the trading wing associated with FTX, including any assets or cryptocurrency purchased with funds from these companies, are unjustified. Sam Bankman-Fried’s lawyers want the presiding judge to remove them. Prosecutors stated at the time that there was no evidence of Mr. Bankman-Fried transferring funds and that a federal investigation was ongoing.

Furthermore, the letter refers to a request made by the United States Department of Justice (DOJ) on Jan. 27. It prohibits Sam Bankman-Fried from communicating with current or former employees of FTX or Alameda Research without the presence of his attorney. 

As per Cohen’s letter, Sam Bankman-Fried should have unlimited contact with his father, therapist, and any employee or agent of a foreign regulator outside the presence of attorneys. The prosecutor made this request after it was alleged that Bankman-Fried contacted Ryne Miller, the general counsel of FTX US, via Signal and email on Jan. 15 to influence Miller’s testimony. The defense stated:

“For example, it would mean that Mr. Sam Bankman-Fried could not speak to his therapist, who is a former FTX employee, without the participation of his lawyers. According to public sources, FTX and Alameda had approximately 350 employees. Each of these current and former employees could have information crucial to Mr. Sam Bankman-Fried’s defense.”

Bankman-Fried accused of multiple criminal offenses

On Nov. 11, FTX filed for bankruptcy, and Sam Bankman-Fried stepped down as the company’s CEO. 

A federal grand jury accused him in Manhattan of several criminal offenses, including using wire communication to commit fraud, conspiring to deceive in commodities trading, conspiring to deceive in securities trading, transferring money with intent to promote illegal activities, conspiring to deceive the Federal Election Commission, and violating rules on campaign financing.

The FTX case has had a ripple effect in the crypto industry, as the accusations against Sam Bankman-Fried have raised concerns about the lack of regulation and oversight in the crypto market. 

The case has brought attention to the need for stricter regulations to protect investors and prevent fraud in the crypto industry. It has also highlighted the importance of transparency and accountability in crypto companies and the need for proper oversight to ensure that they operate ethically and within legal boundaries. 

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