• The founder and CEO of FTX, detained in the Bahamas at the request of the US

  • Cryptocurrency platform FTX files for bankruptcy and its boss resigns

  • FTX Cryptocurrencies: The beach bar of 10 colleagues all tied up with everyone

Sam Bankman-Fried has

been released after

securing $250 million bail

while awaiting trial on fraud charges related to the collapse of cryptocurrency exchange FTX.

Federal prosecutors in Manhattan charged him with stealing billions of dollars in funds from FTX clients to cover losses at his hedge fund, Alameda Research. Bankman-Fried was not asked to plead guilty Thursday.

He previously acknowledged mistakes in risk management at FTX but said he doesn't believe he bears criminal liability.

His defense attorney, Mark Cohen, declined to comment after the hearing in Manhattan federal court.

Nicolas Roos, a prosecutor, told federal judge Gabriel Gorenstein that the bail package would require

Bankman-Fried to surrender her passport and remain in home confinement at her parents' home in Palo Alto, California


She will also be required to undergo regular mental health assessment and treatment. Roos called the guarantee "the largest before a trial."

Bankman-Fried, 30, was arrested last week in the Bahamas, where he lived and where FTX is based, confirming the once-billionaire's fall from grace.

He left the Caribbean nation in FBI custody Wednesday night.

Cohen said he agreed with the bail conditions proposed by prosecutors.

He said his parents, both Stanford Law School professors, would co-sign the bond and put up the equity in their home as collateral for Bankman-Fried's return to court.

"My client stayed where he was, he made no effort to flee,

" Cohen said. Wearing a gray suit and leg shackles, Bankman-Fried sat flanked by his lawyers and nodded when the judge told him that if he did not appear before the In court, a warrant for his arrest would be issued. He only spoke when asked by Gorenstein if he understood the conditions of his release and that he could be charged with an additional offense if he does not appear in court. "Yes, I understand," Bankman replied. -Fried.

Gorenstein set the next hearing for January 3, 2023, before U.S. District Judge Ronny Abrams, who will hear the case. "I'm going to require strict pretrial supervision," Gorenstein said, with conditions including

monitoring with a device and a ban on opening new credit lines or businesses

. He said Bankman-Fried had "achieved enough notoriety to make it impossible for him" to hide unrecognized or engage in other financial dealings.

According to the criteria of The Trust Project

Know more

  • Justice

  • cryptocurrencies

  • USA