International

Former FTX CEO Granted $250M Bond

UNITED STATES – Former FTX CEO Sam Bankman-Fried was released on bond by a New York court just hours after his extradition to the U.S.

Published

3 years ago

December 22, 2022

Berthony McDermott

UNITED STATES – Former FTX CEO Sam Bankman-Fried is a free man tonight, at least for now. Bankman-Fried was released on bond by in a New York court just hours after his extradition to the U.S.

A New York federal judge releasing former FTX CEO Sam Bankman-Fried on a $250 million bail bond package as he awaits trial on fraud charges.

The former FTX CEO was accused of stealing billions of dollars in FTX customer funds.

The disgraced crypto giant was not asked to enter a plea on Thursday.

He has previously acknowledged risk-management failures at FTX.

Prosecutors told the magistrate that the bail package would require Bankman-Fried to surrender his passport and remain home in confinement at his parent’s home in Palo California.

He’s also required to undergo regular mental health treatment and evaluation.

His defense attorney Mark Cohen said he’s agreed with prosecutors’ bail proposal, noting his parents would co-sign the bind and post equity in their home as assurance for Bankman-Fried’s return to court.

Dressed in a gray suit and leg restraints, the former Albany resident nodded when the judge informed him that if he fails to appear in court, a warrant would be issued for his arrest.

The prosecutor also calling it the largest-ever pretrial bond.

The 30-year-old was arrested in The Bahamas last week and appeared before the Magistrate’s court where he was remanded to prison after refusing to waive his right to an extradition hearing.

However, after spending less than a week at The Bahamas Department of Corrections, it seems he had a change of heart and agreed to be extradited Wednesday evening.

Bankman-Fried is due back in court on January 3rd. If he fails to show up to court, he could be charged with an additional charge.

At the time he will appear before U.S District Judge Ronny Abrams.