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Sam Bankman-Fried Reaches Innovative Bail Agreement: What This Means For FTX and the Crypto Market

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Sam Bankman-Fried’s lawyers have been bargaining about the former FTX executive’s bail conditions for quite some time now. Last month, Bankman-Fried came to terms with federal prosecutors over his use of encrypted messaging applications and communications with his ex-employees. Right after, revised bail conditions were issued which barred the FTX founder from using phones and the internet.

A recent report from Reuters revealed that the parties have now come up with a new bail agreement. According to the proposed new conditions, Bankman-Fried will have a new phone with no internet capability. In fact, the phone’s communication functions will be restricted to text-only messages and voice calls. All other messaging applications will be prohibited.

OTHER AGREEMENT DETAILS

Additionally, Bankman-Fried has agreed to use a basic laptop with limited functions. The said device will have monitoring software to track user activity. That said, Bankman-Fried will not have administrative access. That will shut the doors for him to fidget and tamper with the restrictions. Going forward, if any breach speculation arises, Bankman-Fried will have to submit his devices for a search.

Furthermore, the FTX founder has been prohibited from using other electronic communication devices. Bankman-Fried’s parents have also agreed to restrict his access to their devices. They have reportedly signed “sworn affidavits” to not bring barred electronic devices home. Now that both the parties have concurred to the new set of terms and conditions, U.S. District Judge Lewis Kaplan will have to green-light the same before they are enforced.

The bankrupt FTX exchange, on the other hand, has been recovering assets to pay back clients. As reported recently, it reached a deal to recover more than $400 million from Modulo Capital. The hedge fund received about $475 million last year, as seed funding from Alameda Research before FTX collapsed. Specifically, the Bahamas-based hedge fund has agreed to pay $404 million in cash. Additionally, it has consented to give up its claim of $56 million in assets held in its accounts on FTX’s crypto exchange. Thus, the deal is worth $460 million in all.

Also Read: FTX to Recover $400+ Million From This Hedge Fund: Why?

Sam Bankman-Fried, founder of the FTX exchange, has come to an agreement with federal prosecutors regarding his bail conditions. The new agreement stipulates that Bankman-Fried will use a phone with no internet capability and a basic laptop with monitoring software. His parents have also agreed to restrict his access to their devices. Meanwhile, FTX has reached a deal to recover over $400 million from Modulo Capital, to pay back clients. This is good news for FTX clients, however Bankman-Fried’s restricted access to communications devices may hinder his future success. #FTX #SamBankmanFried #CryptoExchange #ModuloCapital

You can read more about this topic here: Watcher Guru: FTX: Sam Bankman-Fried Reaches New Bail Agreement With Prosecutors

The post Sam Bankman-Fried Reaches Innovative Bail Agreement: What This Means For FTX and the Crypto Market first appeared on Byte Syze Crypto.

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Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year

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Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.

This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.

#Huobi #HongKong #CryptoLicense #VASP #JustinSun

You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months

The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.

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Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May

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#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors

You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost

The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.

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CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry

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The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations

You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules

The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.

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