Tech

SBF is “Tech Savvy” and can Outsmart Tech Restrictions, Kaplan

03/14/2023
Bitcoin Ethereum News
  • SBF requested access to certain websites, but Judge Kaplan feels he can outfox the technological restriction. 
  • Kaplan has asked for stricter bail conditions for Sam Bankman Fried.

SBF requested access to limited websites earlier, but Judge Lewis Kaplan feels he can outsmart the restrictions. In a Friday hearing adding to the FTX-saga, US District Judge Kaplan said that the bail condition for the former crypto white knight could be changed, but only if attorneys restrict Bankman’s access to technology. 

SBF needs more restrictive bail conditions- Kaplan

Judge Lewis Kaplan doesn’t seem to be convinced that Sam could not circumvent the technological restrictions with the bail conditions filed last week. He further said in court that if Mr. Fried puts his brains to it, due to his technologically savvy nature, it should be easy for him to outmaneuver it and still won’t get caught. 

Sam Bankman Fried, the ex-CEO of bankrupt FTX, is currently out on bail and under house arrest at his parent’s house in Palo Alto, California. He was released on a controversial $250 million bond and did not attend the Friday hearing. SBF is awaiting trial on wire fraud and conspiracy charges, while he pleaded not guilty. 

Lewis Kaplan’s Major Concerns

During Friday’s hearing, Kaplan also raised concerns over handling the possibility that Bank cannot be fully trusted especially when he is brought to his California residence, he will not use other people’s devices. He can be allowed even near a flip phone, as it can be used to convey messages via call requiring email or text.

Kaplan said, “This defendant has given some pretty strong reasons to be suspicious.”

Kaplan has asked the defense to submit a modified and updated bail order, which should have points regarding tightening and restricting Sam’s technology exposure. However, he is ready to sign an order allowing SBF access to the FTX database for trial preparation, but that order must have some added restrictions. 

Christian Everdell, defense attorney, hinted that the defense is in the process of including the suggestions made by Kaplan and might submit new fillings in a few days. 

Prosecutors of the case said that they are navigating the trail. However, much information still needs to be discovered from nearly 30 google accounts belonging to Sam Bankman Fried and other employees from FTX and Alameda Research. Nicolas Roos, a prosecutor, hinted at the possibility of more subpoenas for unindicted co-conspirators. 

The FTX-Story So Far

FTX was once the world’s third-largest crypto exchange, with headquarters in the Bahamas. They were accused of several financial crimes, including wire fraud, where customers’ funds were moved internally and used for extravagant spending, and coverup for Alameda Research losses. 

They were also charged with conspiracy for lobbying the crypto bill giving millions of dollars to lawmakers. The financial irregularities emerged in November, creating troubles and an influx of withdrawals. They faced a liquidity crisis and finally filed for chapter 11 bankruptcy on November 11, 2022. 

Class action lawsuits were filed against SBF and others; he was arrested in the Bahamas on December 12, 2022. Sam was extradited to the US on December 22, 2023, released on a $250 million bail bond, and kept under house arrest at his parent’s house. On January 3, 2023, Bankman pleaded not guilty to all 8 counts of fraud, & is awaiting further trial. 

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Source: https://www.thecoinrepublic.com/2023/03/13/sbf-is-tech-savvy-and-can-outsmart-tech-restrictions-kaplan/