Sam Bankman-Fried to Be Released on $250 Million Bail

UTC by Steve Muchoki · 3 min read
Sam Bankman-Fried to Be Released on $250 Million Bail
Photo: Pixabay

SBF will be staying with his parents, both Stanford Law professors until the next hearing happens early next year.

Following the extradition to the United States, former FTX CEO Samuel Bankman-Fried (SBF) has been released on a $250 million bail by a New York federal Judge on Thursday. Having received tremendous support from his parent, SBF was escorted out of the US District Court in Manhattan by his legal team and the security guards. Reportedly, SBF will face his next hearing, which will be presided over by Judge Ronnie Abrams, in New York City on January 3.

In a bid to restrict the suspect from international travels, the bond requirements include SBF wearing an electronic monitoring bracelet. Additionally, the Judge asked SBF legal team to ensure the suspect submit to mental health counseling and restrict his travel within and between the Northern District of California and the Southern & Eastern Districts of New York.

Notably, SBF will be staying with his parents, both Stanford Law professors, until the next hearing happens early next year.

Will SBF Dodge the Bullet after Running a Billion-Dollar Fraud Scheme?

A blame game has happened in the past one and a half months, despite Caroline Ellison pleading guilty to criminal charges. Ellison is expected to cooperate with the government in the case against Sam Bankman-Fried (SBF). Notably, SBF’s release on bond has sparked mixed reactions as he did not post the $250 million.

Reportedly, SBF parents put up their $4 million personal home in the United States as part of the collateral for the $250 million bond. As such, some crypto analysts argue both sides of the political aisle are not ready to crucify SBF.

Moreover, SBF donated approximately $40 million to both sides of the political aisle during the 2022 midterm elections.

Ultimately, the 1 million FTX crypto investors and traders want answers to what transpired until a major crypto exchange collapsed last month. Furthermore, several jurisdictions are undertaking FTX investigations as the exchange was licensed to operate in a number of countries worldwide including South Korea, Singapore, and Australia.

With the United States slow to establish clear cryptocurrency regulations, the likelihood of SBF blaming unpredictable market conditions and getting released with zero charges stands a chance.

Nonetheless, the 30-year-old man will be fighting for his survival for years, more so as the crypto regulations evolve quickly.

Side Notes

The SBF and FTX case is complicated due to the sheer magnitude of country players included. Consequently, the cryptocurrency market has seen a liquidation of approximately $200 billion in the past two months, with a more downward trend expected in the first half of 2023.

According to our latest crypto price oracles, the total crypto market capitalization stands at approximately $811 billion. Bitcoin price is exchanging about $16,800 on Friday with a market dominance of approximately 40 percent.

Blockchain News, Cryptocurrency news, News
Steve Muchoki

Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!

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