Lawyers of FTX Founder Request More Time for Bail Condition Proposal

According to a report, FTX founder SBF’s legal team in the federal case has asked for more time to submit a plan pertaining to his bail requirements. 

The filling stated, “The parties have been diligently vetting candidates to serve as the Court’s technical consultant but have not yet identified a suitable candidate,” while adding:

“Similarly, the parties have been engaged in productive discussions about additional bail conditions for Mr. Bankman-Fried but would like more time to complete those discussions.”

Mark Cohen of Cohen & Gressler stated that the defense counsel needed until March 3 to submit a proposal for additional bail restrictions for Bankman-Fried and find a knowledgeable person to serve as a qualified professional in the case in a filing on February 24 with the United States District Court for the Southern District of New York. 

After a hearing on the former FTX CEO’s use of a VPN on February 16, the attorneys decided to employ an expert. 

Cohen said that “the Government has no objection to this request,” and added that “the parties also have no objection to continuing Mr. Bankman-Fried’s current bail conditions for whatever period the Court deems appropriate while these discussions are taking place.“

Judge to Add More Restrictions to FTX Founder’s Bail Bond

Following a report that SBF used a VPN on January 29 and February 12, Judge Lewis Kaplan proposed that he could add more restrictions to Bankman-Fried’s $250 million bail bonds.

Judge Kaplan overseeing SBF’s criminal fraud case, also claimed to have “probable cause” to think that SBF may have interfered with the case by tampering with witnesses, a crime for which the failed entrepreneur could be sent back to prison if he continues to disobey court orders.

The former CEO was extradited to the US to face criminal charges in December after his bail bond was granted. He was on the approved bail bond. The bail proposal was approved by U.S. Magistrate Judge Gabriel Gorenstein in a federal district court in Manhattan.