The legal troubles of Sam Bankman-Fried, founder of cryptocurrency exchange FTX, continue as his lawyers reportedly reached a new bail agreement with US prosecutors on March 27. The proposed agreement would allow Bankman-Fried to remain at home while imposing restrictions on his use of electronic devices and apps.
This development comes after the initial bail agreement was rejected by US District Judge Colleen McMahon in February. At that time, McMahon cited concerns over Bankman-Fried's access to potentially untraceable funds and the possibility that he could flee the country.
The new proposal is still subject to approval by Judge McMahon. While details about the specific restrictions have not been disclosed, it is expected that they will be more stringent than those included in the original agreement.
Bankman-Fried faces charges related to alleged market manipulation involving BitMEX, another cryptocurrency exchange. He has denied any wrongdoing and has vowed to fight the charges against him.
FTX has quickly risen in prominence since its launch in 2019, becoming one of the largest cryptocurrency derivatives exchanges in terms of trading volume. Despite this success, however, its founder's legal troubles have drawn significant attention within both crypto and mainstream financial media circles.
As always when reporting on legal matters such as these ones mentioned above we will keep our readers up-to-date with any further developments as they unfold.