Cryptos: Ex-FTX boss released on $250m bail

FTX founder Sam Bankman-Fried escorted to his car in Manhattan on Thursday, December 22.

He was released on $250 million bail.

AP - Julia Nikhinson

Text by: RFI Follow

2 mins

A New York federal judge agreed on Thursday, December 22 to release the founder and former boss of the FTX cryptocurrency exchange platform, the American Sam Bankman-Fried (SBF), on a monster bail of 250 million. dollars.

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The most famous figure in the cryptocurrency world walked free from federal court in Manhattan around 7:30 p.m. UT.

Indicted in particular for fraud and criminal association, SBF, his nickname, had been extradited Wednesday evening from the Bahamas, where the headquarters of FTX was located, after having given up contesting his surrender to the American authorities.

►Also read: Cryptocurrencies: extradited, the founder of FTX, Sam Bankman-Fried, is in New York where he is to be tried

The huge bond is partly guaranteed by the California home of

's parents , where he will be placed under house arrest pending trial, under terms endorsed by Judge Gabriel Gorenstein.

At the end of November, the central figure in the biggest scandal in the history of cryptocurrencies claimed to have only $100,000 available.

At its peak, at the start of the year, his fortune was estimated at $26 billion, entirely based on the shares of his companies, which have since gone bankrupt.

" Minimal

" risk 

 of leakage

The magistrate authorized the release of the 30-year-old defendant, because he presents, according to him, a “ 

 ” flight risk and has never been convicted before.

Known for his dark t-shirts and shorts, SBF showed up to the hearing in a gray suit and tie.

Sam Bankman-Fried is suspected of having used, with collaborators, funds deposited on the platform by FTX clients to carry out speculative financial transactions with his other company, Alameda Research.

In addition to risky transactions via Alameda, he is also suspected of having invested part of this money in real estate in the Bahamas and of having made donations to Democratic politicians - always with funds from FTX clients - including Joe Biden during his presidential campaign.

Five of the eight charges against him each provide for a maximum sentence of twenty years in prison.

 The one who has long been seen as an iconoclastic genius of cryptocurrencies is therefore likely to spend the rest of his life in prison.

The Manhattan federal prosecutor revealed on Wednesday that two other key figures in the case, Caroline Ellison, former boss of Alameda Research, and Gary Wang, co-founder of FTX, were recently charged with fraud and criminal association. .

The latter have pleaded guilty and are collaborating with the government, which means that they could incriminate Sam Bankman-Fried.

(

AFP)

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