FTX co-founder Sam Bankman-Fried is back in the US, released on $250 million bail
FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. | Photo by David Dee Delgado/Getty Images
Now that Sam Bankman-Fried (SBF) is back in the US, he has been released from federal custody. The New York Times and CNBC report the co-founder of the failed and allegedly fraudulent cryptocurrency exchange FTX was released on $250 million bail, secured by his parent’s home, ahead of his trial on eight criminal charges he faces, in addition to civil suits filed by the SEC and CFTC.
Prosecutors say billions in customer and investor funds are missing, accusing a small circle of insiders at FTX and Bankman-Fried’s crypto hedge fund, Alameda Research, of misusing the money for themselves from the very start of their operation.
The Verge is an ambitious multimedia effort founded in 2011