1 min read
"Restrictive" bail for FTX founder Bankman-Fried
A federal magistrate judge announced Thursday that Sam Bankman-Fried would be granted bail for $250 million.
By: Flagship Team
At the same time, he awaits trial on fraud charges related to the failure of the FTX cryptocurrency exchange. The charges stem from the exchange's collapse. According to the prosecutors, he is accused of stealing billions of dollars worth of customer funds from FTX to cover losses at his hedge fund, Alameda Research. A prosecutor by the name of Nicolas Roos informed the United States Magistrate Judge Gabriel Gorenstein that the bail conditions included home detention as well as location monitoring.
Additionally, Bankman-Fried will be required to hand over his passport. The defense attorney for Bankman-Fried stated that he accepted these terms and conditions.
Bankman-Fried, sitting in the courtroom with his attorneys by his side and wearing a gray suit with leg restraints, nodded in agreement when the judge informed him that a warrant would be issued for his arrest if he failed to appear in court as scheduled.
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