Sam Bankman-Fried released on $250m bail paid by parents

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Crypto Regulation
Sam Bankman-Fried released on $250m bail paid by parents

Sam Bankman-Fried (SBF), the former CEO of the disgraced FTX exchange, has been released on bail for $250 million paid by his parents. SBF agreed to meet a long list of conditions to remain free while facing charges, including mandatory drug abuse and mental health treatment. 

On Dec. 22, reports emerged that SBF could post a $250 million bond to be released on bail while he awaited trial. A few hours later, the disgraced former SBF CEO and his family met the conditions.

Per sources close to the matter cited by Bloomberg, SBF, extradited to the US from the Bahamas to face trial on accusations of money laundering, fraud, and election campaign finance violations, has been released on bail.

A US federal judge agreed to release SBF after his parents paid the demanded $250 million via equity in their Palo Alto home. SBF has also agreed to abide by the mandate of the court to remain a free man while on trial. 

He can only leave his parent’s house when he wants to exercise. He’s not allowed to execute financial transactions worth more than $1,000 and must undergo treatment for drug abuse and mental health problems, amongst other conditions.

On Dec.21, Caroline Ellison, the former CEO of Alameda Research and FTX co-founder Gary Wang, pleaded guilty to federal charges and reached a plea bargain with the Office of the United States Attorney for the Southern District of New York.

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.