Sam Bankman-Fried, the former CEO of the now-bankrupt FTX crypto empire, was extradited from the Bahamas to the U.S. this week to face fraud charges and the illegal movement of customer funds. After his extradition was approved on Wednesday, he was brought to a U.S. federal court in New York on Thursday to face these charges.
In a surprising turn of events, Bankman-Fried was reportedly released on bail after appearing in court on financial fraud charges. The bail, set at an incredible $250 million, was reportedly secured using the equity in his parents’ home in Palo Alto, California.
As more details about the case come to light, it has been reported that a list of strict requirements has been put in place for Bankman-Fried to be released while awaiting trial. The judge presiding over the case has issued several bail conditions for the defendant.
Bankman-Fried has been ordered to stay at home unless he is exercising and has been directed to undergo substance abuse and mental health treatment. In addition, he has been banned from obtaining new lines of credit or making financial transactions of more than $1000.
According to a report, Judge Gabriel Gorenstein asked Bankman-Fried if he agreed to these conditions during the court proceedings. After consulting with his lawyer, Bankman-Fried nodded and said, “Yes, I do.”
The judge also ordered that Bankman-Fried be fitted with a tracking device to provide reassurance that he would remain at home and not try to flee due to his fame.
While the court recognizes that Bankman-Fried’s crimes were financial, it does not consider him a threat to others. The tracking device and other conditions are intended to ensure that he complies with the terms of his release and does not engage in any further illegal activities.
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