Sam Bankman-Fried to be released on $250M bail

By Yasin Ebrahim – FTX founder Sam Bankman-Fried will be released on a $250 million bail following a deal agreed by his attorneys and federal prosecutors, a New York federal judge ruled on Thursday.

Federal prosecutors last week indicted Sam Bankman-Fried, or SBF as he is widely known, on eight criminal counts that included wire fraud, money laundering and campaign finance violations.

The charges followed the bankruptcy of FTX, a cryptocurrency exchange, founded by Bankman-Fried. FTX has been accused of transferring customer funds to cover up trading losses at Alameda Research, a trading firm founded by SBF.  

The new Chief Executive of FTX, John J. Ray III, who is tasked with recovering client funds, has said the crypto exchange’s collapse was caused by “a very small group of grossly inexperienced and unsophisticated individuals.” 

Under the conditions of his bail, Sam Bankman-Fried is required to stay with his parents in California. The $250M bail amount was secured by his parents’ house in California. 

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