- Sam Bankman-Fried has been granted bail on a $250 million bond package.
- The founder of FTX was granted pretrial bail on Tuesday.
- SBF will only reside in his parent’s house located in Palo Alto, California.
Awaiting judgment, the founder of FTX, Sam Bankman-Fried, aka SBF, has been granted bail on a $250 million bond package, which is paid through his parent’s equity in their house. Bankman-Fried was granted bail on Tuesday before the trial for the FTX collapse.
According to the US District Court Southern District of New York, the grand jury has charged Bankman-Fried under eight counts, which includes the possible embezzlement of customers’ assets in FTX, which led to the crypto exchange’s demise.
Reuters reported that during the court case, the FTX founder was asked not to plead guilty, even though Bankman-Fried claimed that the crypto exchange’s collapse was his fault earlier. Bankman-Fried continues to believe that he does not believe he has criminal liability.
Moreover, the report claimed that U.S. Magistrate Judge Gabriel Gorenstein has set the FTX founder’s trial on January 3, which will be handled by U.S. District Judge Ronny Abrams.
Highlighting the details of Bankman-Fried’s bail release, a crypto analyst claimed that the FTX founder still has access to electronics, including the internet, phones, and computers. The bail release also stated that Bankman-Fried would only reside in his parent’s house located in Palo Alto, California, under home detention except for exercise.
The bail release also provides Bankman-Fried to undergo regular mental treatment and evaluation. Moreover, the bail forced the FTX founder to surrender his passport and prohibits him from opening a bank account or engaging in any financial transactions other than for legal purposes, which require prior government or court approval.
The FTX crash is one of the biggest falls observed in the crypto industry, with many investors losing their money. Initially, the FTX founder was arrested in the Bahamas, one day before his hearing before Congress, while the new FTX CEO John Ray continued his testimony. However, on Wednesday, Bankman-Fried was extradited to the US.