FTX co-founder Sam Bankman has been released on $250 million bail
Co-founder and former CEO of the collapsed crypto exchange Sam Bankman-Fried walked out of a Manhattan courthouse Thursday after being released on $250 million bond, the Associated Press reported.
Assistant US Attorney Nicholas Roos released what is believed to be the most prominent federal pretrial bond in its history. The former CEO will be under house arrest at his parents’ home in Palo Alto, California until his next hearing in New York City on January 3.
Magistrate Judge Gabriel W. Gorenstein agreed to bond, approved house arrest and was required to attach an ankle monitor to Bankman-Fried just before leaving court. And according to the AP, the bond was secured by the equity in Bankman-Fried’s parents’ home, as well as their and two other people’s signatures with substantial wealth.
Bankman-Fried faces up to eight counts of conspiracy and criminal activity
Bankman-Fried faces eight counts of conspiracy and criminal activity related to wire fraud, commodity fraud, securities fraud, money laundering as well as campaign finance law violations. The former CEO was extradited to the US Arrested in the Bahamas.
Bankman-Fried resigned as CEO of FTX after the company filed for bankruptcy
Bankmann-Fried stepped down as CEO of FTX in November after the cryptocurrency platform Filed for Chapter 11 bankruptcy.
“I was the CEO of FTX. That means I was responsible,” Bankman-Fried said during a live interview at The New York Times’ DealBook Summit November 30, but he denied criminal wrongdoing and intent.
FTX’s new CEO John Ray called the FTX collapse “plain, old money embezzlement.” Early December.
Two former Bankman-Fried associates plead guilty to federal criminal fraud charges
U.S. Attorney Damian Williams announced Wednesday that two former associates of Bankman-Fried have pleaded guilty to federal criminal fraud charges. Carolyn Ellison, Former CEO of Alameda Research A trading firm started by Bankman-Fried, and FTX co-founder Gary Wang, pleaded guilty to charges including wire fraud, securities fraud, and commodity fraud. Both Ellison and Wang are cooperating with authorities at this time.