Sam Bankman-Fried to Be Released on $250 Million Bail
Sam Bankman-Fried shall be freed on $250 million bail after he was extradited to New York to face felony fraud costs from the collapse of FTX, the failed crypto buying and selling platform.
Bankman-Fried, who has beforehand mentioned he simply $100,000 left, will stay below home arrest at his mother and father’ residence in Palo Alto, California, put on an digital monitor and give up his passport. The ruling by federal choose Gabriel Gorenstein, got here a day after he arrived within the U.S. from the Bahamas.
Key Takeaways
- Sam Bankman-Fried shall be launched on $250 million bail. He’ll give up his passport and be positioned below home arrest.
- Caroline Ellison and Gary Wang, former FTX executives and shut associates of ex-FTX CEO Sam Bankman-Fried, pleaded responsible to fraud costs and will face a long time of jail time.
- Ellison, previously Bankman-Fried’s girlfriend, and Wang have agreed to cooperate with federal prosecutors on the FTX case.
- Bankman-Fried was extradited Dec. 21 to the U.S. to face comparable felony costs.
- There are stories that Bankman-Fried is in talks with federal prosecutors to be launched on bail.
The ruling got here as two former prime FTX executives pleaded responsible to fraud and agreed to cooperate with federal prosecutors on costs from the Securities and Trade Fee (SEC) and the Commodity Futures Buying and selling Fee (CFTC).
The responsible pleas from Caroline Ellison, the previous CEO of Bankman-Fried’s non-public hedge fund, Alameda Analysis, and Gary Wang, co-founder of the now-defunct crypto buying and selling platform, ratchet up stress on Bankman-Fried. Ellison, Bankman-Fried’s former girlfriend, pleaded responsible to seven costs, together with wire fraud and conspiracy to commit wire fraud, commodities fraud, securities fraud, and cash laundering, and will face as a lot as 110 years in jail, whereas Wang pleaded responsible to 4 costs and faces as much as 50 years of jail time.
Bankman-Fried was arrested Dec. 12 within the Bahamas, the place FTX was headquartered, after the alternate’s November collapse and was held in a Bahamian jail and acquired comforts together with air con and segregation from the jail’s inhabitants.
Authorized proceedings within the Bankman-Fried case are simply starting. Many crypto traders have suffered vital losses from the FTX collapse and shall be eager to see if it is doable to get well any of their property.
