Sam Bankman-Fried granted $250 million bail
Christopher Hutton
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FTX founder and former cryptocurrency billionaire Sam Bankman-Fried was released on $250 million bail after his first appearance in court post-extradition.
SBF’s bail package will include him being detained at his parents’ home, as well as location monitoring, according to Reuters. He will also have to surrender his passport. The prosecution and defense both agreed to the deal.
FTX FOUNDER SAM BANKMAN-FRIED LANDS IN US FOR FIRST COURT APPEARANCE
The former cryptocurrency billionaire appeared in New York court on Thursday after agreeing to be extradited to the United States on Wednesday. He isn’t the only one facing legal pressure over the cryptocurrency exchange’s conduct. Caroline Ellison, the former CEO of FTX sister company Alameda Research, and Zixiao “Gary” Wang, the former chief technology officer and co-founder of FTX, both have pleaded guilty to fraud charges and are working with federal investigators.
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Bankman-Fried is facing eight counts in federal court in southern New York, including charges of conspiracy to commit wire fraud, conspiracy to commit money laundering, conspiracy to commit commodities and security fraud, violating campaign finance laws, and conspiracy to defraud the United States. If convicted, the FTX co-founder faces up to 115 years in prison.
He faces similar charges of fraud from the Securities and Exchange Commission and the Commodity Futures Trading Commission.