Thursday, February 9, 2023

FTX Founder Sam Bankman-Fried Allowed $250 Million Bond, House Arrest

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The cryptocurrency entrepreneur Sam Bankman-Fried can post $250 million (nearly Rs. 2, 070 crore) bond and live in his parents’ home in California while he awaits trial on charges that he swindled investors and looted customer deposits on his FTX trading platform, a judge said Thursday.

Assistant US Attorney Nicolas Roos said in the US District Court in Manhattan that Bankman-Fried, 30, “perpetrated a fraud of epic proportions.” Roos proposed strict bail terms, including a $250 million bond and house arrest at his parents’ home in Palo Alto, California.

An important reason for allowing bail was that Bankman-Fried agreed to waive extradition, Roos said.

Magistrate Judge Gabriel W Gorenstein agreed to the bond and also approved the house arrest proposal. He also said Bankman-Fried would be required to get an electronic monitoring bracelet before leaving the Manhattan courthouse.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360

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