Sam Bankman-Fried Seeks To Access FTX Funds

Sam Bankman-Fried lawyers guarantee he was not engaged with past unapproved Transactions, and should approach company assets.

Sam Bankman-Fried’s legal Team is seeking to remove a bail condition that kept him from accessing FTX’s funds, according to court filings from Jan.28.

A letter from Bankman-Fried’s lawyer, Mark Cohen, to United States District Court Judge Lewis Kaplan stated that Bankman-Fried should approach assets held by FTX, claiming the client was not involved in previous Unauthorized Transactions.

FTX and FTX US have sought more than $659 million in Unauthorized transfers amid the collapse of the cryptocurrency exchange in November 2022, according to Nansen data reported Bankman-Fried denied any association in the transactions.

According to the letter sent to Pass judgment on Kaplan, Bankman-Fried was “denied from accessing or transferring any FTX or Alameda assets or Cryptocurrency, including assets or cryptocurrency purchased with funds from FTX or Alameda”, as mentioned by U.S. The first court hearing was attended by Authorities. 3, At the time, prosecutors acknowledged that there was no proof that Mr. Bankman-Fried had transferred funds and noted that a federal probe was underway.

We assume that the Government’s investigation has confirmed what Mr. Bankman-Fried has spoken from the beginning to be specific, that he didn’t access and transfer these assets,” takes note of the letter, stating that the protection notified authorities “as soon as we became aware of the transfers to give notification.”

Besides, the lawyers contended:

“The bail condition imposed at the conference should be removed because the sole basis for seeking that condition has not been supported.”

Likewise, the letter addresses a request from Jan. 27 by the U.S. Department of Equity (DOJ) prohibiting Bankman-Fried from communicating with “momentum or former representatives” of FTX or Alameda Research without his attorney’s presence.

The prosecutor’s request was made after Bankman-Fried allegedly reached out to Ryne Miller, the ongoing General Counsel of FTX US, over Sign and email on Jan. 15, attempting to “impact” Miller’s declaration.

According to Cohen’s letter, Bankman-Fried should have unlimited contact with his father, therapist, and any worker or specialist of a foreign regulator outside the presence of attorneys. The guard stated:

“For example, it would imply that Mr. Bankman-Fried could not address his therapist, who is a former FTX worker, without the participation of his lawyers. According to public sources, FTX and Alameda had approximately 350 representatives. Every one of these current and former workers could have information pivotal to Mr. Bankman-Fried’s protection. Requiring Mr. Bankman-Fried to remember counsel for every communication with a former or current FTX representative would place a pointless stress on his resources and bias his capacity to protect this case.”

On Nov. 11, FTX filed for Bankruptcy insurance and Bankman-Fried surrendered as the company’s CEO. On bail at his California family house, he has to deal with eight penalties, including wire fraud and money laundering.