FTX crypto boss, Sam Bankman-Fried will be released on a $ 250 million bond after a deal was struck today in a New York City courtroom.
He was arrested in the Bahamas last week on a range of fraud and money laundering charges for what prosecutors described as one of the biggest financial crimes in American history.
It was alleged that he used his crypto-trading platform as a ‘personal piggy bank’, convincing investors to mark their billions with him only to funnel their assets into his own company. His alleged scheme was revealed when FTX filed for bankruptcy in November.
Today, a judge agreed to grant him bail – the ‘largest pre-trial amount in US history’.
The agreement is a recognizance bond signed by Bankman-Fried’s parents and two other individuals with ‘considerable’ assets. His parents guaranteed it using the equity of their home, but they do not have to pay the full amount to secure his freedom.
Instead, they will be held liable if he fails…
Source: Linda Ikeji