Sam Bankman-Fried granted bail after paying $250 million
The FTX founder will live with his parents in California and must abide by several conditions set by the judge while awaiting trial.
(Youtube -
Sam Bankman-Fried, founder of cryptocurrency platform FTX, may be released on bail and live at his parents' home while awaiting trial on eight felony charges.
The leftist investor arrived to New York on Wednesday night after being extradited from Bahamas, where he was detained by authorities. On Thursday he made his first court appearance for arraignment in federal court.
According to several reports, the defendant's attorneys reached a plea agreement with prosecutors that will allow Bankman-Fried to be released on a strict bail condition that includes a written commitment to appear in court whenever ordered to do so, >250 million, in addition to house arrest at the home of the FTX founder's parents in Palo Alto, California.
The investor will be required to wear an electronic ankle monitoring bracelet, undergo mental counseling, surrender his passport to authorities and will also be "strictly" supervised.
Federal Judge Gabriel Gorenstein asked Bankman-Fried if he understood all the conditions of his release before moving forward with the process, and made it clear that if he did not comply he would be re-arrested.
The only time the FTX founder spoke was precisely to respond to the judge that he understood and accepted the terms.
Bankman-Fried has been charged with wire fraud, violation of political campaign finance laws, money laundering, embezzlement, among others.
The "highest" bail imposed
Nicolas Roos, deputy federal prosecutor, considered that the 30-year-old investor "perpetrated a fraud of epic proportions" and accordingly opted to set the "highest" bail ever imposed, he said.
In addition, Bankman-Fried agreed to waive extradition, which gave the judge grounds to grant bail.
Mark Cohen, the defendant's attorney, stated that his client will have the help of his parents to be able to post bail, putting up his house as collateral.
Another restriction
In addition to all the conditions of release, the former FTX CEO was prevented from opening new lines of credit greater than $1,000. This is the case while he awaits trial by federal regulators.
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