Synopsis Sam Bankman-Fried pleaded not guilty after prosecutors said he stole billions of dollars of FTX customer funds to plug losses at his Alameda Research hedge fund. AP FTX founder Sam Bankman-Fried (AP Photo/John Minchillo) Sam Bankman-Fried should be allowed while on bail to have a flip phone with no internet capability and a basic laptop with limited functions, but be forbidden from using other electronic communication devices, the U. S. Department of Justice said. The proposal to limit the indicted FTX cryptocurrency exchange founder's communications was filed late on Friday in Manhattan federal court, on behalf of the government and Bankman-Fried's defense team. It requires approval by U. S. District Judge Lewis Kaplan , who oversees the case. Kaplan had signaled at a Feb. 16 hearing that he might jail the 30-year-old Bankman-Fried for testing the limits of his $250 million bail package by communicating in ways that could not be monitored. The judge said he did not want to set Bankman-Fried "loose in this garden of electronic devices," following accusations that Bankman-Fried tried to contact possible government witnesses and used a virtual private network to watch football. Bankman-Fried pleaded not guilty after prosecutors said he stole billions of dollars of FTX customer funds to plug losses at his Alameda Research hedge fund. He faces 12 criminal charges under an indictment made public on Feb. 23. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The proposed flip phone or other non-smartphone for Bankman-Fried would be limited to voice calls and SMS text messages. Laptop internet use would be restricted to specified virtual private networks, 23 websites for personal use including news, sports and food delivery, and websites to help Bankman-Fried prepare for his scheduled Oct. 2 trial. Bankman-Fried is living under house arrest with his parents, both Stanford Law School professors, in Palo Alto, California. The parents agreed to submit sworn affidavits that they would not bring other electronic devices into their home or let their son use theirs. They also agreed that each device would carry software that periodically takes videos or photos of the user, which court officers would be allowed to review, the letter said. Bankman-Fried's lawyers did not immediately respond on Saturday to requests for comment. (Reporting by Jonathan Stempel in New York and Anirudh Saligrama in Bengaluru; Editing by Daniel Wallis ) Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Saturday, 04 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Brands & Companies More D-St Party: Indices Log Biggest Single-Day Gain in Four Months India’s stock benchmarks surged over 1. 5% on Friday — the biggest single-day gain in four months — as dovish commentary by one of the members of the US Federal Reserve's rate-setting panel and fresh investments in Adani Group stocks bolstered sentiment. Foxconn to Invest up to $1 B in New Bengaluru Plant The Hon Hai Technology Group (Foxconn), the biggest contract manufacturer in the world, will set up an electronics manufacturing and assembly unit on the outskirts of Bengaluru, where it is expected to invest up to $1 billion and make iPhones for Apple. Adani Stocks Jump for 4th Day in a Row Adani Group stocks rallied for the fourth consecutive day on Friday after the promoters raised ₹15,446 crore by selling stakes in four companies to US-based investment firm GQG Partners on Thursday. Read More News on FTX customer funds FTX cryptocurrency lewis kaplan daniel wallis Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Ed-tech Why the ed-tech sector needs to explore capital sources beyond PE, VC, and institutional investors 5 mins read Renewables After Adani stocks, Hindenburg may have crashed into India’s green hydrogen mission too 8 mins read Under the lens Pay up abroad, but play around in India. Are global firms taking Indian regulators for a ride? 14 mins read Subscribe to ETPrime.