A US judge decides whether the SBF must suffer any bail restrictions- Today, a US court will set bail terms for the founder of FTX.
- Previously, the court was concerned that the SBF was communicating via untraceable means.
- FTX’s balance sheet shows $5.5 billion in liquid assets and more than $11.5 billion in user liabilities.
This Friday, a US judge will decide whether Sam Bankman Fried, the founder of FTX, should be subject to any bail restrictions and whether or not his fraudulent trial, which was due to begin on October 2, can be modified.
District Judge Lewis Kaplan expressed concern that Bankman-Fried was testing the limits of the $250 million bail package by communicating through untraceable means. Previously, New York prosecutors suggested that Bankman should be allowed to keep a basic laptop and flip phone while out on bail, but be prohibited from using any additional electronic communication device.
Last month, US prosecutors added new fraud and conspiracy charges against Bankman-Fried. By implication, the former FTX CEO now faces 12 charges despite pleading not guilty to the original eight charges in January. Furthermore, Bankman-Fried’s attorneys wrote to District Judge Kaplan that they would need more time to evaluate the evidence and prepare the defense.
More shocking revelations about the defunct exchange were recently revealed after a review of the company’s balance sheet. According to one report, FTX owes its clients a staggering $1.6 billion (BTC), with only $1 million in BTC holdings.
A crypto analyst on Twitter provided a rough analysis of the results, revealing that the exchange has $3.5 billion in supposedly liquid coins, $1.7 billion in cash, and $800 million in illiquid assets.
FTX’s balance sheet is really $1.6 billion worth of Bitcoin owed to clients, with only $1 million actually being NFA’s rough breakdown of what liquidators have found so far across all silos – $3.5 billion in “liquid” coins – $1.7 billion in cash – $800 million “illiquid” https://t.co/dDthjFWDvF… https://t.co/rvaFd0A78i pic.twitter.com/qckkb2yc02
— db (@tier10k) March 7, 2023
In short, FTX has $5.5 billion in assumed liquid assets and over $11.5 billion in client liabilities.
After the US judge appeared to decide whether the SBF should suffer any bail restrictions first in issuing the coins.
