Sam Bankman-Fried To Be Released on $250 Million USD Bail

UPDATE (12/22/2022): Sam Bankman-Fried is set to be released on a $250 million USD bail as he waits for his trial for eight criminal violations that includes fraud. The former crypto empire billionaire has been ordered to wear an electronic monitoring bracelet, live with his parents, stay within the Northern District of California and receive mental health counseling. Additionally, Bankman-Fried is barred from opening any new credit lines of more than $1,000 USD. Prosecutors have confirmed this to be the largest pretrial bond in history.

UPDATE (12/21/2022): Sam Bankman-Fried is currently being extradited to the US and his lawyers are negotiating with federal prosecutors for a bail deal that would help him avoid imprisonment. Last week, the FTX crypto exchange founder was charged with eight criminal violations and was expected to serve up to 115 years in prison for committing one of the biggest financial frauds in American history.

ORIGINAL ARTICLE:

Sam Bankman-Fried, CEO and founder of crypto exchange platform, FTX has officially been arrested in the Bahamas.

The U.S. Attorney’s Office Southern District of New York office confirmed on social media on Monday, writing, “Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.” The Bahamian Prime Minister Philip Davis said in a press release, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”

While Bankman-Fried has been arrested in the Bahamas, where he currently resides, the 30-year-old crypto platform founder still needs to await his charges and extradition to the U.S. Bankman-Fried went from being a crypto celebrity to a pariah overnight, after FTX and its affiliate companies file for bankruptcy in mid-November. The timing was precarious as it occurred around the time of the collapse of the crypto market, which sent ripple effects throughout the entire world. Both Bankman-Fried and his associates face allegations of illegally misusing FTX customers’ funds, which led to major losses upwards of billions of dollars.

Over the weekend, Bankman-Fried told the BBC, “I didn’t knowingly commit fraud, I don’t think I committed fraud, I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.” Bankman-Fried was aset to testify in front of the U.S. House Financial Services Committee, which is demanding answers on how FTX’s crash happened and the aftermath that affected the rest of the digital asset ecosystem. Also set to testify Tuesday was FTX’s new CEO, John J. Ray III, who took over for Bankman-Fried in November.

USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.

— US Attorney SDNY (@SDNYnews) December 12, 2022

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