FTX founder Sam Bankman-Fried, whose bail was recently revoked by a federal judge, is now seeking permission to spend five weekdays outside of detention to collaborate with his legal team in preparing his defense case.
His legal representatives conveyed that he was facing challenges in thoroughly reviewing extensive case-related documents while confined in the Metropolitan Detention Center in Brooklyn, New York.
Christian Everdell, SBF’s attorney, highlighted the substantial document production delays by the government, including three-quarters of a million pages of Slack communications.
Everdell asserted that allowing SBF access to his legal team and an internet-enabled laptop within the courthouse premises would expedite proceedings, considering his fraud trial scheduled for October.
SBF is contesting allegations of orchestrating an elaborate fraud scheme involving unauthorized access to billions of dollars from FTX customer funds for personal gain.
Prosecutors argued that for SBF to introduce a defense centered around advice received, he must promptly provide information about its origin; failure to do so might bar this defense during the trial.
While prosecutors mentioned their ability to provide information on hard drives, limitations prevent all data from being stored on laptops or drives.
Despite prison authorities rejecting a plan to relocate SBF for laptop access, a judge’s decision on his requests is still pending.
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In the realm of Decentralized Finance (DeFi), Curve Finance pledged to reimburse victims of a recent hack amounting to $62 million in losses.
Investigations have yielded progress, with approximately 79% of the funds recovered.
The platform will assess each affected user for reimbursement to ensure equitable distribution of resources.
Additionally, Zunami Protocol faced an attack on its stablecoin pools on Curve Finance, resulting in a loss estimated at $2.1 million.
\However, the DeFi landscape also witnessed positive developments, including ConsenSys’ launch of the Ethereum scaling rollup Linea, bridging over $26 million in ETH and offering enhanced throughput for DApps.
SpiritSwap, a Fantom-based DEX, was rescued from shutdown via a community resolution transferring the project to Power, avoiding closure due to treasury funds being stuck on the Multichain protocol.
Despite market fluctuations, DeFi’s total value locked in protocols surged to $49.8 billion, marking a five-month high.
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