Sam Bankman-Fried's Lawyers, Prosecutors Agree on Proposed Bail Conditions

Lawyers for Sam Bankman-Fried, the founder of crypto exchange FTX, have agreed on new bail conditions with U.S. prosecutors, according to court documents filed on Monday.

Among the conditions submitted for approval to District Judge Lewis Kaplan of the Southern District of New York, Bankman-Fried will be given a new phone that won't have internet access and will be limited to text messages and voice calls. He will also be provided a new laptop with limited functionality that will be allowed access only to approved websites.

Bankman-Fried's parents, in whose home the FTX founder will be residing, have agreed not to allow their son to use their devices nor bring unpermitted devices into the home.

These conditions, initially proposed at the start of this month, followed suspicions that Bankman-Fried had attempted to contact witnesses while on bail. He has pleaded not guilty to charges of wire fraud and money laundering, for which he will stand trial in October.

Following his arrest in December, Bankman-Fried was released on bail on a $250 million bond, co-signed by his parents, who put up their home in Palo Alto, California as collateral.

Read more: FTX Paid Around $2.2B to Sam Bankman-Fried, New Management Says