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FTX News: Sam Bankman-Fried Bail Conditions Revised; FTT Manipulation By Genesis

FTX News: Former CEO Sam Bankman-Fried reached an agreement with US prosecutors on new bail conditions set forward after modifications agreed upon by both parties. Lawyers asked the court to sign the proposed documents with details on the phone and a laptop with limited access to the internet.

According to the court documents filed on Monday, Sam Bankman-Fried’s lawyer said both parties have agreed to the bail conditions proposed by the prosecutors and modifications such as access to the FTX transactional database asked by SBF on March 17.

The lawyers asked District Judge Lewis Kaplan to approve the new bail conditions. Should the court approve these bail conditions, it will require some time to implement them. As agreed earlier, Sam Bankman-Fried will be given a new phone without internet access for voice calls and test messages and a laptop allowing access to whitelisted websites only.

SBF’s parents have agreed to not allow access to their devices to his son. Moreover, they have agreed to not bring prohibited devices into their home, in which SBF is residing on a $250 bail bond. As of now, Bankman-Fried has pleaded not guilty to all counts of charges.

Genesis Received Discounted Rates for FTX Token (FTT)

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Genesis executives were offered to invest in FTX Token (FTT) at discounted rates, reported FT on March 28. In fact, Genesis executives close relation with SBF’s Alameda Research allowed them to invest in FTT and Serum tokens before the tokens were issued to the public.

Exposure to FTX and Alameda Research caused Genesis Capital to file for bankruptcy in January. The presale access to FTT and Serum tokens was also offered to parties related to Genesis and others in Sam Bankman-Fried’s network, giving Genesis the opportunity to maximize profit. FTT tokens manipulation came out after FTX and Alameda Research, with the firms using the tokens to manipulate the market.