Mar 05, 2023

DOJ Proposes Permanent Bail Conditions for SBF

The Department of Justice has proposed new bail conditions for Sam Bankman-Fried, the former CEO of FTX, in a court filing on March 3. The proposal was submitted to Lewis Kaplan, the U.S. district judge serving on the United States District Court for the Southern District of New York, and was negotiated with SBF’s defense team.

The proposed terms restrict Bankman-Fried’s communication to a flip phone or other non-smartphone with either no internet capabilities or internet capabilities disabled. He will also not be allowed to use any encrypted or ephemeral call or messaging applications, virtual private networks, or video game platforms or devices that allow chat and voice communication.

The proposal also restricts Bankman-Fried’s access to websites to a whitelist of pre-approved pages, including YouTube, Wikipedia, Etherscan, NFL, DoorDash, Netflix, government websites, and news websites such as Cointelegraph. The former FTX CEO will also be required to have security software installed to log his online activity, and will not be able to object to the installation of court-authorized pen registers on his phone number, Gmail account, and internet service.

The $250 million bail imposed on Bankman-Fried has been under scrutiny since Feb. 9, when he was found to have contacted potential witnesses on his case. He was also temporarily banned from using a VPN after prosecutors accused him of using it on two occasions, on Jan. 29 and Feb. 12.

The court unsealed a superseding indictment against Bankman-Fried on Feb. 22 containing 12 criminal counts, including eight conspiracy charges related to fraud and four wire and securities fraud charges.

The proposed bail conditions have significant implications for the web3 space, as Bankman-Fried is a major player in the crypto industry. His inability to use certain communication and web-browsing tools could make it difficult for him to promote and market his projects, including NFTs. Furthermore, the restrictions may hinder his ability to engage with other players in the space, as well as potential customers.

For those looking to promote their NFTs, Bankman-Fried’s case serves as a reminder of the importance of using compliant methods of marketing and promotion. Companies should consider engaging a web3 agency or NFT marketing agency to ensure their activities are compliant with applicable laws and regulations. Twitter NFT marketing is another popular approach, as it allows companies to reach a wide audience in a cost-effective manner.

Ultimately, the proposed bail conditions for Bankman-Fried will likely lead to a shift in the way NFTs are marketed and promoted. Companies will need to be more mindful of the risks associated with selling NFTs and ensure their activities are compliant with the law.

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