The founder of FTX paid 250 million dollars and will be able to reside under house arrest in his parents’ house until the end of the trial.
Sam Bankman-Fried is free on $250 million bail to return to his parents’ home.
Sam Bankman-Fried is out on bail. The disgraced founder of FTX and cryptocurrency mogul paid $250 million and will be allowed to reside in his parents’ house until the end of the trial, which sees him accused of a multitude of counts, including fraud and money laundering money.
SBF – as he was known in the scene – is accused of having recklessly managed the funds of FTX clients , which would have been merged into a single cauldron with the assets of Alameda Research, his second firm that dealt with trading. Money that would have been lost with risky investments and that would also have been squandered – this is the thesis of the prosecution – in personal expenses and in donations to American politicians.
FTX was the second largest cryptocurrency exchange in the world and Sam Bankman-Fried (also thanks to his huge donations to politicians and the progressive media) was considered the good face of the cryptocurrency industry: he was a proponent of the so-called effective altruism , a theory in vogue among several American managers which supports the need to allocate a large number of personal resources in donations to support humanitarian causes capable of having a profound impact on society.
In parallel with the criminal trial which sees him as a defendant, a second civil lawsuit was also filed by the SEC, the authority which supervises the US stock exchange and supervises the buying and selling of financial products.
The trial will take place in the Southern District of New York, but SBF will await the outcome of the judgment under house arrest at his parents’ home in San Francisco.
Sam Bankman-Fried lived in the Bahamas, where his companies were also based. He was extradited yesterday to the United States, the first hearing of the trial will be held on January 3 in New York City.