A reckoning is coming for the former chief executive officer of FTX. It may also be coming for the whole industry.
Sam Bankman-Fried, a co-founder of FTX, has one of the highest bail packages in American history, but it doesn’t mean he need actually post that much cash.
Sam Bankman-Fried, the founder of FTX, a cryptocurrency trading platform, left a Manhattan courthouse with his parents on Thursday after they agreed to sign a $250 million (€235 million) bond and keep him in their California home while he awaits trial on accusations that he deceived investors and stole customer deposits.
In federal court, Bankman-Fried, 30, “perpetrated a scam of epic dimensions,” according to Assistant US Attorney Nicolas Roos.
The $250 million (€235 million) bond, which Roos claimed is thought to be the largest federal pretrial ever ever, and house detention at his parents’ Palo Alto home were among the stringent bail conditions he suggested.
Bankman-Fried, who had been imprisoned in the Bahamas, had consented to be extradited to the US, according to Roos, which was a key factor in granted bail.
A somewhat motionless Bankman-Fried shook a supporter’s hand after being reunited with his parents and attorneys inside the courthouse and then made his way outside, where he was pursued by cameras and television crews until he got into a car.
Magistrate Judge Gabriel W. Gorenstein approved the bond and home arrest but insisted that Bankman-Fried wear an electronic monitoring bracelet before leaving the courtroom. It was suggested to be attached on Friday in California by Roos.
When Bankman-Fried approached the courtroom in a suit and tie to take a seat between his counsel, he was bound at the ankles. Except for the judge’s questions, he remained silent throughout the session. Gorenstein questioned him near the end about his understanding that if he chose to leave, he would be arrested and owed $250 million (€235 million).
Bankman-Fried said, “Yes, I do.
