FTX Management Probes $3.2B Payments to Former Executives

Sam Bankman-Fried's (SBF) lawyer, Christian Everdell, is set to present a revised bail package to Judge Lewis Kaplan of the Southern District of New York after Kaplan expressed concerns about SBF's use of encrypted messaging apps and VPN services while on bail. The entrepreneur, who is facing legal proceedings in the FTX case, had avoided potential jail time with a $250 million bail bond. However, his use of Signal to contact former FTX and Alameda colleagues led Kaplan to forbid such communication and threaten to revoke bail privileges.

Everdell revealed on March 18 that SBF and federal prosecutors have been working diligently to agree on specific bail conditions that will address the government's and the court's concerns. They anticipate presenting the court with a proposed order outlining these conditions by next week.

SBF maintains his innocence regarding the misappropriation of FTX users' funds. However, if found guilty under the eight counts against him, he could face 115 years in jail. The current FTX administrators discovered that former top brass from FTX and Alameda Research received $3.2 billion in payments and loans from FTX-linked entities. Bankman-Fried reportedly received the lion's share of the funds at $2.2 billion. As Coinpaprika reports  FTX's management is now investigating its rights to pursue potential action against the recipients and their subsequent transferees.