FTX founder to post $250 million bail for probation Code List

The founder of the ill-fated cryptocurrency platform FTX, Sam Bankman-Fried (SBF)He will be confined to his parents’ home in Palo Alto (California, USA) until the start of the trial in NY where he is accused of fraud, in exchange for the payment of 250 million dollars.

This was agreed on Thursday by the judge in the case against the Young businessman who today appeared for the first time before the Justice of the United States after having been extradited from bahamaswhere he resided, local media reported.

During his house arrest, SBF It will carry a location system to control its location.

In addition, his passport will be withdrawn and he will receive both psychological and drug abuse treatment, he reported. The New York Times.

During the time of his imprisonment, the defendant may not spend more than $1,000 without the approval of the Prosecutor’s Office.

The former top executive had already started in bahamas the negotiations with the Government of the United States to surrender to Justice and accept extradition in exchange for not entering prison, according to various media outlets.

The founder of FTX came to NY Wednesday night to be tried for the multiple charges attributed to him by the US authorities after the bankruptcy of his company, which came to be valued at 32,000 million dollars.

bankman-fried had declared in the Bahamas that he accepted his extradition in part because of his “desire to compensate clients affected” by the bankruptcy of FTXwhich filed for bankruptcy on November 11 after a rapid collapse after many users rushed to withdraw their funds amid reports casting doubt on the company’s solvency.

Among the crimes charged against him are wire fraud, money laundering and violation of political campaign finance laws.

SBF partners pleaded guilty

return of the creator FTX It came just as two of his associates have pleaded guilty to wire fraud, among other crimes, Manhattan US Attorney Damian Williams announced Wednesday.

The former CEO of Alameda Research, a company founded by banker-Fried, who was the investment arm of FTXCarolyn Ellison, and co-founder of FTX Gary Wang pleaded guilty to the charges “in connection with his role in the fraud that contributed to the collapse” of the company, Williams said in a video.

Williams added that the two are collaborating on their investigation into “the huge fraud project” the crypto guru allegedly ran and contributed to the company’s spectacular collapse, which has wreaked havoc on the crypto world.


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