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FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents


FTX co-founder Sam Bankman-Fried is escorted out of Magistrates Court on December 21, 2022 in Nassau, Bahamas.

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FTX founder Sam Bankman-Fried will be released on $250 million bail, a federal judge in New York ruled on Thursday.

The terms of the bail were agreed by prosecutors and Bankman-Fried’s attorneys. The former crypto billionaire will also be required to wear an electronic monitoring bracelet, receive mental health counseling, and will be restricted to the Northern District of California.

The former CEO of FTX will also be barred from opening any new lines of credit pending trial.

Bankman-Fried charged made a billion dollar scam to his investors, using their money to buy properties, fund political contributions, and support deals at his Alameda Research hedge fund.

federal regulatory agency allegations More than $8 billion in client funds are missing.

Two of his top aides, Caroline Ellison and Gary Wang, pleaded guilty to related fraud charges and is cooperating with law enforcement. Wang and Ellison’s plea agreements were revealed on Wednesday.

Bankman-Fried was indicted in the Southern District of New York on eight counts including securities fraud and money launderingand rendered from Bahamas to New York Wednesday evening.

Judge Gabriel Gorenstein said that Bankman-Fried would require “strict” supervision after he was released to his parents’ home in California.

His parents, both Stanford Law professors, were in the courtroom. Bankman-Fried was escorted by two United States Marshals, wearing suits and ties.

Bankman-Fried’s parents will be required to bring equity into their home to partially meet the bail conditions.

Bankman-Fried has previously stated that he has dropped to just $100,000, a crushing setback for a man who once headed a $32 billion crypto empire.

The 30-year-old will face his next hearing on January 3, 2023.

This is breaking news. Please check back for updates.

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