FTX cryptocurrency exchange founder Sam Bankman-Fried was released on $250 million bail Thursday and sentenced to detention at his parents’ home in Palo Alto, Calif. -executive in a federal court in New York after his extradition from the Bahamas.
Bankman-Fried, accused of engaging in criminal conduct that contributed to the collapse of the cryptocurrency exchange, appeared in court handcuffed at the ankles and wearing a charcoal gray suit. He sat calmly at the defense table, flanked by his lawyers.
At a later date, he will plead guilty to charges of engaging in fraud and other wrongdoing, a federal judge said. The next court hearing is scheduled for January 3.
Magistrate Judge Gabriel Gorenstein established the bail package, which requires Bankman-Fried to be under electronic monitoring and restricts her travel to parts of Northern California and New York.
Assistant U.S. Attorney Nicolas Roos called Bankman-Fried’s alleged crimes “a fraud of epic proportions” and said he believed the $250 million bail was the biggest ever.
The evidence against Mr. Bankman-Fried include testimony from several cooperators and more than a dozen witnesses for FTX and its crypto trading firm Alameda Research, as well as encrypted text messages and tens of thousands of pages of financial documents, Roos said.
The government agreed to the bail package, Roos said, because Bankman-Fried had consented to the extradition. Bankman-Fried’s financial assets have declined significantly from when they were worth billions of dollars, he said.
Source: CNN Brasil
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