Recently the CEO of broken FTX exchange and currently one of the most hated people in the cryptocurrency market, Sam Bankman-FriedHe was extradited to the US and is finally being tried by the New York court that “wanted his head” so much. However, the first piece of information that seems to have emerged from his appearance in court is that SBF has reached an agreement and will be released from prison on bail.
According to Bloombergciting information that was also reported by CNBC and the Wall Street Journal, Sam Bankman-Fried is expected to be released from federal custody after his lawyers struck a deal with prosecutors to post $250 million bail.
According to sources that are following the entire case, Bankman-Fried made his first court appearance this Thursday (22) in New York, responding to eight criminal counts in the disappearance of billions of dollars in cash from FTX clients.
But the lawyers reached a plea bargain and SBF will now be placed under house arrest after posting the multi-million dollar bail.
House arrest for former FTX CEO
According to reports, the judge in the case, gabriel gorensteinof Manhattan ordered Bankman-Fried to wear an electronic ankle bracelet and be placed under “strict” supervision while awaiting trial at his parents’ residence.
SBF was also prohibited from opening new credit lines with financial institutions for amounts greater than US$1,000.
One curious part of the entire process is that, by all indications, Bankman-Fried’s parents will reportedly put up the equity in their house as part of the bail agreement, as security for the payment of the bail, since the $250 million They are a concrete guarantee.
This is just the beginning of the whole process that will still unfold in the future, with a next court hearing scheduled for January 3.
It appears that he will file an appeal on charges of wire fraud, conspiracy to commit money laundering and campaign finance violations during upcoming hearings.
Caroline Ellison and Gary Wang previously pleaded guilty to crimes related to the FTX collapse and are cooperating with prosecutors in the Bankman-Fried case, U.S. Attorney Damian Williams said Wednesday night.
It may be that by getting others involved to cooperate with the investigation and with prosecutors, Sam Bankman-Fried’s situation was eased somewhat and he was not considered a flight risk by the court.
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