Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has reportedly reached a new bail agreement with U.S. prosecutors that would allow him to remain at home while restricting his use of electronic devices and apps.
The agreement comes after a judge had raised the possibility of sending Bankman-Fried to jail pending his trial on criminal charges of stealing billions of dollars in FTX customer funds facilitated through his Alameda Research hedge fund.
Under the proposed new conditions, Bankman-Fried would be prohibited from using a smartphone with internet access and any apps other than voice calls and text messaging.
He would also be required to use a basic laptop with limited functions and monitoring software to track user activity. The use of any other electronic communication devices would be forbidden.
The new bail agreement is still pending approval by U.S. District Judge Lewis Kaplan, who is overseeing Bankman-Fried’s case. Bankman-Fried has pleaded not guilty to eight criminal counts, which could result in 115 years in prison should he be convicted.
