SBF Released on $250M Bail
NEW YORK – Disgraced former CEO of FTX, Sam Bankman-Fried (SBF) has been released on $250M bail after appearing before a federal judge in U.S. federal court on Thursday.
He faces eight counts of criminal misconduct when he helmed the erstwhile second-largest crypto exchange in the world. The money was secured by SBF’s parents after they put up their Palo Alto, California, home as collateral.
In addition to posting the bail amount, SBF must adhere to other conditions to remain out of prison. He must undergo mental health treatment and drug testing, not transact more than $1,000, or open new lines of credit, and must remain under house arrest.
According to court documents SBF’s accomplice and girlfriend, Caroline Ellison – who was the CEO of FTX sister company Alameda Research – has been released on $250,000 bail and “will not be further prosecuted criminally … for any crimes, except for criminal tax violations…”
FTX collapsed on Nov. 8 after the company’s balance sheet was released by CoinDesk containing an unnerving amount of the exchange’s FTT tokens, sparking large withdrawals from investors.
