After his extradition from the Bahamas to the United States of America, the swindler Sam Bankman-Fried has just been released on bail in exchange for a sum of 250 million dollars. He will remain under surveillance until his next court appearance, scheduled for January 3, 2023.
Excessive bail for the release of SBF
Recently extradited to the United States, Sam Bankman Fried, alias SBF, has just been released on bail. In any case, the New York judge did not hesitate to release the accused in exchange for a significant bail of 250 million dollars. The FTX boss went home with his hand in his pocket to celebrate Christmas as a free man. Of course, for now!
It was during his very first appearance in US court this Thursday, December 22 that SBF, the man behind the historic fraud in the crypto sector regained his provisional freedom.
After the bankruptcy of FTX and Alameda Research, Sam Bankman Fried found himself on the carpet. Before the bankruptcy, he had an estimated fortune of over $32 billion. Currently, the former tycoon is reported to have only $100,000. But, then how did he make bail?
According to news reports, the ex-CEO of FTX got some help to raise such a large sum. His parents sold their home in palo alto, California, valued at $4 million. Two other as-yet-unidentified individuals reportedly provided the rest.
Sam’s release has caused quite a stir in the crypto community. Several people on social networks do not mince their words. This is the case of Alexandra Hulk who expressed herself on Twitter.
Sam under house arrest
Despite his much-publicized release, Bankman-Fried will live in his parents’ house, wearing an electronic monitoring bracelet. He has surrendered his passport to the courts and will be under full surveillance.
In addition, a long list of requirements has been included to keep him free while he answers the charges against him:
- He must not engage in financial transactions over $1,000;
- He may not open new lines of credit;
- He must not leave the house except to exercise;
- He must undergo substance abuse treatment and counseling.
As a reminder, the FTX boss is facing 8 counts with a sentence of up to 115 years in prison. The next hearing will take place on January 3, 2023. The continuation in the next episode.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.