Sam Bankman-Fried to be released on $250 million bail with additional conditions
A New York federal judge granted bail to Sam Bankman-Fried, the founder of FTX. The decision comes after the Federal prosecutors and Sam’s lawyers came to an agreement.
The bail terms and conditions for crypto exchange founder were as follows:
- Sam will have to pay the bond of USD 250 million in bonds.
- He is also required to have an electronic monitoring bracelet at all times.
- He needs to undergo a mental-health evaluation.
- There is a limit of USD 1000 on the amount of credit Sam can take out.
- Moreover, the FTX founder has agreed to remain under house arrest at his parents’ home in Palo Alto, per US Attorney for the Southern District of New York spokesman Nicholas Biase.
Bahamian authorities arrested Sam from his house after a formal request from the US government. After that, he was taken into FBI custody and extradited to the US.
One of the largest frauds in the history of the US was perpetrated by the FTX founder. He has been charged with wire fraud, wire fraud conspiracy, securities fraud, security fraud conspiracy, and money laundering.
Additionally, The SEC commission has filed a civil complaint against Sam, alleging that he also participated in a “scheme to defraud equity investors in FTX.” The allegations were “unbeknownst to those investors … Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire.”