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Sam Bankman-Fried has been set on $250 million bail.
FTX cryptocurrency marketplace founder Sam Bankman-Fred has been released on bail and will remain under house arrest while he awaits trial in the United States for an alleged $1 million fraud he committed through his company, which has filed for bankruptcy. weeks ago.
A US judge has ruled that the 30-year-old former billionaire can remain under house arrest with his parents, who have offered their home in California as security. the Bail US$$250 million Created by the judge.
At the hearing, Bankman-Fried neither admitted nor denied his guilt.
Shortly before his arrest in the Bahamas on December 12, the businessman told the BBC: “I didn’t commit fraud on purpose. I don’t think I would commit fraud. I didn’t want any of this to happen. I certainly didn’t qualify as well as I thought.” “”.
Two of Bankman-Fried’s closest aides pleaded guilty to fraud Wednesday and are helping with the investigation.
image source, Reuters
Sam Bankman-Fried was captured in the Bahamas.
Multiple fees
New York federal prosecutors have accused Bankman-Fried of illegally using FTX customers’ deposits to fund his other cryptocurrency company, Alameda Research, to purchase property and to dismiss Millions of dollars in political donations.
At a press conference last week, they described what happened with FTX as: “One of the largest financial frauds in US history” He announced eight criminal charges, including wire fraud, money laundering and campaign finance violations. Financial regulators have also filed civil charges.
Bankman-Fried spent nine days in jail in the Bahamas weighing his options before deciding he would not appeal his extradition to the United States, which could lead to a drawn-out legal battle.
At Thursday’s court hearing in New York, Assistant US Attorney Nick Ross said he would not oppose bail for Bankman-Fried despite a “fraud of epic proportions,” referring to his decision to return voluntarily to the United States.
Bankman-Fried must surrender his passport and undergo on-site examination and detention at his parents’ home in California. He also agreed to regular psychotherapy. Mark Cohen, Bankman-Fried’s attorney, said his parents would co-sign the $250 million bond.
The “king” has fallen from grace
image source, Getty Images
FTX declared bankruptcy in November. leaving thousands for him clients without the possibility of withdrawing their investment.
At the height of his fame, Bankman-Fried was seen as a younger version of legendary American investor Warren Buffet.
Until the end of October I had it Her estimated net worth is over $15 billion.
Bankman-Fried resigned as CEO of FTX on November 11.
According to court documents filed earlier this month, FTX currently owes its 50 largest creditors approximately $3.1 billion.
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