Sam Bankman-Fried released on $250 million Bail

The FTX founder, Sam Bankman-Fried (30) was released on Thursday with $250 million bail. He awaits trials for eight federal criminal charges related to alleged fraud which led to his crypto companies collapsing. He is under house arrest, and he will stay with his parents in California. Bankman-Fried was extradited from the Bahamas to Westchester County in New York on Wednesday night.

Caroline Ellison and Gary Wang, the two top executives of FTX pleaded guilty Wednesday related to fraud at FTX. Bankman-Fried’s lawyer and prosecutors agreed to issue the $250 million bond. On January 3, he will face his next hearing, enter his plea, and be arraigned.

Until his crypto empire collapsed, He was one of the billionaires in the world. He filed for Chapter 11 bankruptcy for FTX and Alameda Research. His net worth went up to $26 billion and his net worth was $ 10.5 billion.

On November 11, 2022, Bankman-Fried was considered as having no material wealth, According to Bloomberg Billionaires Index. Bankman-Fried donated to the political campaigns. On December 12, 2022, Bankman-Fried was arrested in the Bahamas and extradited to the United States on December 21, 2022. The U.S. District Court for the Southern District of New York charged against Bankman-Fried, with wire fraud, commodities fraud, securities fraud, money laundering, and campaign finance law violations. Bankman-Fried faces up to 115 years in prison if he is convicted on all eight counts.