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FTX CEO Bankman-Fried released on $250M bail in cryptocurrency fraud case – JURIST

FTX CEO Sam Bankman-Fried was granted release from custody Thursday by federal Magistrate Judge Gabriel Gorenstein, who imposed highly restrictive bail conditions, including a $250 million bond.

Court documents show that Bankman-Fried’s release was secured with equity in his parents’ Palo Alto, California, home, as well as a long list of conditions included for him to remain free while he faces charges. Bankman-Fried is not allowed to make financial transactions for more than $1,000 or open new lines of credit and can only leave his house for exercise or legal proceedings. Bankman-Fried will also be required to surrender his passport. The bond order comes just days after his arrest on December 13 in the Bahamas, where his company is headquartered. Meanwhile, federal prosecutors in Manhattan unsealed an eight-count criminal complaint against him.

Bankman-Fried was also fitted with an ankle monitor before leaving the courthouse. According to Business Insider, Gorenstein claimed that the device will ensure that Bankman-Fried remains in place. Gorenstein also said that Bankman-Fried’s infamy, combined with a lack of violent history, weighed in favor of the bail conditions. It was unlikely, he said, that anyone would enter into new business agreements with him. Gorenstein also forbade Bankman-Fried from starting new businesses or opening any new financial accounts.

The bail terms were approved by Bankman-Fried’s legal team. Another court hearing is scheduled for January in Manhattan, where Bankman-Fried is expected to enter a plea.


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