January 30, 2023

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Cryptocurrency king Bankman-Fried has been released on $1 billion bail

Bankman-Fried founded the cryptocurrency exchange FTX, which collapsed in November. Several hundred million dollars have disappeared, and it is not clear where the deposits went.

FTX filed for bankruptcy protection in the US last month, and Bankman-Fried has stepped down as director of the company. Earlier in December, he was arrested in the Bahamas.

The arrest was based on an indictment issued by the US Attorney for the Southern District of New York. On Thursday, it became known that Bankman Fried had been delivered to the United States.

house arrest

A New York judge on Thursday decided to release him on $250 million bail, and shortly thereafter Bankman Friedhan left the Manhattan courtroom, accompanied by his lawyer and parents, who promised to put him under house arrest at the family home in California pending the court’s decision. Experience.

Before his release, Judge Gabriel W. Gornstein asked whether Bankman Friedhan understood that he would be arrested and required to post his bail if he chose to run away, to which the 30-year-old replied in the affirmative.

“epic proportions”

The charges against Bankman Friedhan include, among others, fraud and money laundering of what the prosecution described as “epic proportions.”

Two of his FTX employees pleaded guilty to charges related to the company’s collapse.

If the 30-year-old is convicted on all eight counts, the total sentence could be more than 100 years in prison.

The US Commodity Futures Trading Commission (CFTC) estimates that $8 billion worth of funds were misused from FTX clients’ accounts.

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