FTX co-founder released on 250 million bail
2022.12.23 03:20
FTX co-founder released on 250 million bail
Budrigannews.com – Prior to his trial, the former CEO of FTX, Sam Bankman-Fried, may be granted bail in the United States. He is currently facing criminal charges that could land him in jail for the rest of his life.
According to reports, prosecutor Nicholas Roos made a proposal to release Bankman-Fried—also known as “SBF”—on the terms of surrendering his passport, a $250 million bond, home detention, and location monitoring.
SBF’s bail was approved on December 22, according to The New York Times, and he will live with his parents in Palo Alto, California. His parents used the equity in their home to get him bail.
SBF claimed earlier that he only had $100,000 in his bank account following his resignation as CEO and the company’s collapse.
The bail proposal was approved by U.S. Magistrate Judge Gabriel Gorenstein in a federal district court in Manhattan. He added that SBF will need to be under “strict pretrial supervision,” which will include mental health treatment and evaluation. SBF takes prescription medications and is known to have depression.
SBF has accepted the terms offered, according to his defense attorney. Because he posed a flight risk, SBF was refused bail when he was arrested in the Bahamas at the request of U.S. authorities. On December 20, he returned to the United States while being held by the Federal Bureau of Investigation.
SBF one week ago:
“I only have $100k left”
Now he can be released on $250M bail…
No doubt this fraudster will find some hidden billions to pay for his release pic.twitter.com/0u3D2v5Q3q
— Crypto Hub (@CryptoHub210) December 22, 2022
On the same day that former coworkers Gary Wang and Caroline Ellison pleaded guilty to fraud charges, this decision was made. The two are participating in the investigation together. Ellison escaped charges that could have cost her 110 years in prison.
Nishad Singh, a former FTX executive who, along with Wang and Ellison, formed SBF’s inner circle at the company, has not yet been identified by authorities.
Who will restore trust in cryptocurrencies?
