FTX Founder Released on a $250M Bail Bond

According to Reuters, Sam Bankman-Fried, the former CEO of FTX who is now facing criminal allegations that could land him in prison for life, may be released on bail in the United States before his trial. 

According to reports, prosecutor Nicholas Roos suggested releasing Bankman-Fried on bail with the criteria of paying a $250 million bond, being held at home, being tracked, and having to give up his passport.

The New York Times reported on December 22 that SBF’s bail had been approved, and that he would be moving back in with his parents in Palo Alto, California. His parents used the value of their home’s equity to finance his bail.

Former CEO of the now bankrupt exchange previously stated that after the failure of the company he established, he had only $100,000 left in his bank, which is brought up by a crypto enthusiast after the development.

FTX Founder Under Strict Supervision

The bail request was authorised by the U.S. Magistrate Judge Gabriel Gorenstein in a federal district court in Manhattan. He also stated that SBF would need “strict pretrial supervision,” and would include mental health therapy and monitoring. 

SBF has already been reported to be depressed and to be on prescription drugs.

According to SBF’s defence attorney, the terms presented have been accepted. SBF was detained in the Bahamas at the request of American officials, however the bail he offered was denied because of the risk of him fleeing. 

On December 20, the Federal Bureau of Investigation took him back to the country following his acceptance for U.S. extradition.

This statement was made on the same day that Caroline Ellison and Gary Wang, two former coworkers, pled guilty to charges of fraud. Both individuals are helping with the inquiry. Ellison escaped charges that might have resulted in a 110-year long prison sentence.