Sam Bankman-Fried, ex-CEO of bankrupt crypto exchange FTX, is at large pending his trial in the US.
The founder and former head of the bankrupt crypto exchange FTX, Sam Bankman-Fried, does not have to go to jail in the United States until the trial against him begins. He is allowed to spend the time before the trial begins at his parents’ home in Palo Alto, California.
Federal District Judge Gabriel Gorenstein approved bail conditions that include a $250 million sum, detention at his parents’ home and delivery of his passport. The prosecution and Bankman-Fried’s attorney had unanimously supported the conditions. The next court date has been set for January 3.
The US Securities and Exchange Commission has accused Bankman-Fried of misleading investors with false promises and embezzling their funds. It’s about more than 1.8 billion dollars (more than 1.7 billion euros). He faces a long prison sentence.
The 30-year-old was arrested in the Bahamas at the request of the US authorities and then agreed to be extradited to the United States. FTX filed for bankruptcy protection on Nov. 11 after clients withdrew funds en masse in response to the covert move of $10 billion in deposits. Bankman-Fried resigned as boss the same day. He has apologized to customers but denied allegations of fraud. The collapse of FTX has rocked the crypto world.