Posted on 12/22/22
| News Source: Arutz-7
FTX co-founder Sam Bankman-Fried was released on $250 million bail Thursday while he awaits trial on criminal fraud charges over the spectacular collapse of his crypto exchange, AFP reported.
US magistrate judge Gabriel Gorenstein made the ruling during Bankman-Fried's arraignment hearing in federal court in Manhattan following his extradition from the Bahamas.
Bankman-Fried, who recently claimed to have only $100,000 left in the bank, will have to live at his parents' home in Palo Alto, California, which has been put up as collateral under the terms of release, the judge ruled.
Bankman-Fried did not enter a plea. He looked down as the judge reviewed the indictment's eight criminal counts and made only a brief statement to accept the conditions of bail.
FTX and its sister trading house Alameda Research went bankrupt last month, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
Prosecutors allege Bankman-Fried cheated investors and misused funds that belonged to FTX and Alameda Research customers.