Lawyers for Sam Bankman-Fried, the former CEO of crypto exchange FTX, have argued that he should be allowed access to assets and crypto held by his former company, stating that there is no evidence that he is responsible for previous alleged unauthorized transactions.
Bankman-Fried resigned as CEO in November 2022 when the exchange filed for bankruptcy, and is currently on bail facing charges of wire fraud and money laundering, to which he has pleaded not guilty.
As part of his bail conditions, Bankman-Fried was prohibited from accessing cryptocurrency held by FTX and its trading arm, Alameda Research, after the government pointed to illicit transfers made from Alameda wallets.
The bar includes crypto purchased with FTX or Alameda funds. In a letter from Bankman-Fried’s lawyer, Mark Cohen, it was argued that the bail condition imposed should be removed as there is no evidence that Bankman-Fried transferred the assets.
The U.S. Department of Justice also requested a communications ban as an additional bail condition, stating that Bankman-Fried had attempted to contact FTX’s General Counsel Ryne Miller, a potential witness in the case.
Cohen’s response agreed to the restriction but stated that Bankman-Fried should still have access to some former staff, including his therapist.
