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FTX founder Bankman-Fried initially released on bail in US | news

Source: (c) Copyright Thomson Reuters 2022. Click for restrictions – https://agency.reuters.com/en/copyright.html

NEW YORK (Reuters) – Sam Bankman-Fried, the founder and former CEO of bankrupt crypto exchange FTX, has not been charged pending trial in the United States.

Federal District Judge Gabriel Korenstein on Thursday approved bail conditions that include $250 million, confinement in his parents’ home and the return of his passport. The prosecution and Banker-Fried’s attorney unanimously supported the terms. The next case has been adjourned to January 3.

Bankman-Fried Fraud Allegation. He was arrested in the Bahamas and later agreed to be extradited to the United States. FTX filed for bankruptcy protection on Nov. 11 after customers withdrew their funds en masse in response to a covert operation of $10 billion in deposits. Banker-Fried resigned as boss the same day. He apologized to customers but denied allegations of fraud. FTX’s collapse rocked the crypto world.

(Reporting by Luke Cohen; Writing by Scott W. Stevenson; Editing by Birgit Mitvollen.; For questions, please contact our editorial team at [email protected] (politics and economics) or [email protected] (for companies and markets )

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