After the explosion of the case of the collapse of the FTX platform, its former CEO, Sam Bankman-Fried, had moved to the Bahamas. Recently, the attorney for the Southern District of New York announced that the former boss of the crypto exchange had been arrested and then extradited to the United States to answer for his actions in court. New developments show that SBF would already be free.
Sam Bankman-Fried released on bail
Sam Bankman-Fried is accused of having used funds from users of its FTX platform to make personal investments. He would have used several billion dollars, which would have led to the collapse of the exchange.
The former CEO of FTX is charged with conspiracy to wire fraud, wire fraud and conspiracy to launder money. For each of the counts brought against him, he can get 20 years in prison.
All eyes are on this case and the return of SBF was particularly awaited because he had to appear before the judges. It didn’t take long as the former CEO of FTX faces his first court appearance just hours after stepping onto American soil.
During the hearing, judges set bail at $250 million, which is an astronomical sum even for those who fixed it. Nevertheless, this deposit does not seem to have frightened Bankman-Fried who paid it. This is the largest personal bond ever paid in history. To pay, the respondent needed the help of his parents, who pledged properties in Palo Alto, California.
A release subject to the respect of several conditions
The 250 million bail was not the only condition for the release de Sam Bankman-Fried. Une series of binding measures was taken by the judges against him.
First, he has to living at his parents’ home and forced to wear an electronic bracelet as well as another electronic monitoring device. Next, Bankman-Fried ban on opening new lines of credit or setting up new businesses.
He can’t even make transactions over $1,000 except when he has to pay his lawyers. The accused must strictly respect all these rules otherwise an arrest warrant will be issued against him. In this case, the deposit could also be confiscated.
He therefore has an interest in following the conditions imposed on him. Moreover, Bankman-Fried seems to have taken the measure of the situation. He reportedly spoke at the hearing to say he understood the decision.
Not everyone agrees with the judges’ opinion
The decision to grant bail to Sam Bankman-Fried is not unanimous in public opinion. Some even have criticized the judges who made this decision because for them, the accused should not be eligible for such a favor in view of the facts with which he is charged.
Alexandra Hulk, a famous crypto influencer, posted a tweet pour question the ability of Bankman-Fried’s parents to guarantee such a high amount. According to her, the parents of the former CEO of FTX are worth $5 million and $3.8 million respectively between his father and his mother. She does not understand how they could guarantee such an amount, especially since their son only has 100,000 dollars.
Several people have the same observation and think of a conspiracy who set himself up to do favors for Bankman-Fried. The Crypto Youtuber bitboy goes further thinking that the accused will not go to prison because he is supported by the American political class.
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