The former billionaire and FTX head, Sam Bankman-Fried (SBF) is out of jail on a $250 million bail, will stay under house arrest until the trial
Image: Reuters
The central figure of the FTX scandal – Sam Bankman-Fried, also known as SBF – was granted bail in the US.
The former billionaire claimed earlier that, after his firm collapsed, he had only $100,000 in his bank account. Therefore, the public was amused by the assigned bail amount that equalled $250 million. His parents reportedly secured this bail with the equity in their house.
The crypto community had many questions about how SBF secured this bail, as the defendant didn’t pay a dime of this huge sum. The bail was a so-called “personal recognizance bond” — a written promise to appear in court as needed. Only if he fail to appear in court or violate any bail conditions, a warrant would be issued for his arrest and SBF and his parents would be responsible for paying the hefty bond.
Upon the temporary release, SBF will require “strict pretrial supervision,” with mental health treatment and evaluation included. Besides, the former FTX head will be subject to house arrest and electronic location monitoring. Mr. Bankman-Fried was also required to surrender his passport and limit any transactions on his bank cards to under $1,000.
Meanwhile, his ex-colleague Caroline Ellison who pleaded guilty to fraud charges earlier, avoided charges that could have seen her sent to prison for 110 years. The criminal charges SBF faces could also land him in jail for the rest of his life. Namely, he is charged with two counts of wire fraud, six counts of conspiracy related to securities and commodities fraud, money laundering, and violations of campaign finance laws.
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