SBF lawyers again plead for temporary release during trial with less than 1 week to go SBF lawyers again plead for temporary release during trial with less than 1 week to go
Defense for FTX founder hopes to improve trial preparation with renewed plea for his temporary release.
1 min read
Updated: Sep. 26, 2023 at 7:19 am UTC
Cointelegraph / CC BY 3.0 / Wikimedia. Remixed by CryptoSlate
According to a recent court filing, the defense team for FTX founder Sam Bankman-Fried has renewed their request for his temporary release during the upcoming trial, citing difficulties preparing an adequate defense under current restrictions.
As the letter to Judge Kaplan explained, Bankman-Fried’s knowledge and participation are indispensable in reviewing the thousands of pages of discovery materials and financial records involved in this complex case. His attorneys argue they will have very limited access to confer with him outside of courtroom hours if he remains detained, hampering their ability to effectively represent him.
To mitigate any flight risk concerns, the defense proposed conditions such as private security escorting Bankman-Fried between approved locations and restricting his access to communications devices during temporary release. They believe such measures would sufficiently address security issues while enabling adequate trial preparation, though they are open to additional restrictions the Court deems necessary.
This latest request follows the Second Circuit’s affirmation last week of Judge Kaplan’s decision to revoke Bankman-Fried’s $250 million bail. During oral arguments, Judge Walker acknowledged the incentive to enable proper access between Bankman-Fried and his counsel to avoid potential appellate issues.
The high-profile trial, slated to begin Oct. 2, involves charges of fraud and conspiracy against Bankman-Fried related to the collapse of crypto exchange FTX last November. Prosecutors allege he misled investors and misappropriated customer funds, leading to billions in losses. Bankman-Fried has pleaded not guilty.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
FTX US Derivatives
FTX US Derivatives is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC).
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.