After the Thursday court ruling, it seems the 30-year-old Bankman-Fried will be celebrating Christmas out of detention, but not outside his parent’s house.
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Former FTX CEO to be Released on $250 Million Bail
Sam Bankman-Fried, the founder and former CEO of the bankrupt FTX crypto exchange is to be released on $250 million bail after the latest court hearings.
Recall that MyCryptoParadise earlier reported that Bankman-Fried consented to extradition to the US from the Bahamas after which he was extradited on Wednesday to Westchester County in New York.
As per a court ruling on Thursday, December 22, Bankman-Fried will be released on a $250 million bond and he is to live with his parents pending the time he will be tried for fraud and other criminal charges.
The bond which was described by the prosecutors as the largest ever will be co-signed by Bankman-Fried parents and two other suretors.
In addition to the bail condition, Bankman-Fried will be living in his parent’s house with an electronic bracelet and other electronic monitoring devices, he will also not be able to open new lines of credit, business and he is also prohibited from making any transactions that are more than $1000 unless he is to pay his lawyers. Furthermore, he will be back for court hearings on January 3, 2023, where he will enter his plea and be subsequently arraigned.
Gabriel Gorenstein, a US magistrate judge, said that federal law required him to accept the bond package except there was no way he would appear for trial, that was not the case, Gorenstein said, adding that Bankman-Fried had no history related to violence or arrest.
“If you fail to appear in court or violate any of the conditions, a warrant will be issued for your arrest” and the bond could be forfeited, the judge warned.
Gorenstein added that the release conditions, especially the electronic monitoring, “will go very far in ensuring the defendant will be kept track of.”
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