Who Holds the Key to Sam Bankman-Fried’s Fate? Court to Unveil Co-Signers of $250 Million Bail Bond
The post Who Holds the Key to Sam Bankman-Fried’s Fate? Court to Unveil Co-Signers of $250 Million Bail Bond appeared first on Coinpedia Fintech News
A hearing regarding Bankman-Fried’s bail conditions is scheduled for February 9th, and the names of the co-signers of his $250 million bail bond will be made public after the next hearing.
The former CEO of FTX, Sam Bankman-Fried, is in talks with US prosecutors to resolve the issues related to his bail conditions, according to a court filing. Bankman-Fried’s counsel, Mark Cohen, has expressed optimism that an agreement between both parties will be reached in the coming days, eliminating the need for further litigation.
Prosecutors have accused Bankman-Fried of being in contact with current and former employees of FTX and Alameda, which is deemed an attempt to influence future witness testimony. The former CEO has been in touch with Ryne Miller, the current general counsel of FTX US, and John Ray, the new CEO of FTX, to offer assistance.
A judge recently modified Bankman-Fried’s bail conditions, prohibiting him from contacting current or former employees of Alameda Research or FTX, as well as using encrypted chat apps such as Signal. Bankman-Fried’s counsel has argued that the former executive needs to be in contact with former employees, including the company’s in-house therapist, George Lerner, as they are an important source of personal support.
Additionally, Bankman-Fried’s lawyers have requested the court to remove the bail condition that prohibits him from accessing and transferring his crypto assets held by FTX. The court has also allowed the names of the co-signers of Bankman-Fried’s $250 million bail bond to be made public after the next bail hearing. This move was made following a lawsuit filed by several media companies, seeking to uncover the identities of the guarantors.
A hearing regarding Bankman-Fried’s bail conditions is scheduled for February 9th, with his counsel requesting a rescheduling from February 7th. The public awaits the outcome of the hearing, as the risk of illegitimacy and public scandal cannot be evaluated without knowing who the guarantors are.