- US district court judge, Gabriel Gorenstein has granted the SBF bail for $250 million.
- SBF was ordered to be in home detention with his parents in Palo Alto.
Sam Bankman-Fried, the former CEO of FTX and the well-known crypto personality is set free by the Manhattan federal court. The US district court judge, Gabriel Gorenstein has granted the SBF bail for $250 million, along with further restrictions. SBF’s prior bail was rejected in the Bahamas, where he got arrested in the first place.
JUST IN: SBF escorted out of courthouse after posting $250 million bail.@SBF_FTX @FTX_Official #FTX #FTXbankruptcy pic.twitter.com/UK2cRMS7Xw
— TradeDog | Crypto Market Research (@TradedogCrypto) December 23, 2022
The crypto fraudster was arrested at his island resort in the Bahamas on Dec 12 and was handed over to US officials on Dec 21. The detention period for SBF was calculated to be around 115 years for all the charges that were on him.
Though the release has raised various questions such as, what was his source for this bail amount, was this bail decision influenced by his earlier connections, and so on. The US attorney, Nick Roos mentioned the bail was granted since the risk is minimal.
Nick Roos stated:
“If he had resisted, we would have opposed release. But his assets have diminished. This is a financial crime and he no longer works for FTX or Alameda….. We propose a restrictive bail package.”
Restrictive SBF Bail
The accusations filed over SBF include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering. The fall of FTX started when the fact of using customer funds for Alameda activities came to the limelight. The FTX value plunged down to $1 billion from $23 billion.
Now, the temporary release was granted to him over certain restrictions of home detention with his parents in Palo Alto. The accused is not allowed to take flights or leave home except for medical reasons. SBF bail also orders him not to get involved in any new business or credit activities without the government’s approval.
The recent speculation in the FTX-related case was the criminal charges filed over Caroline Ellison, former Alameda Research CEO, and Gary Wang, co-founder of FTX.
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