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Sam Bankman-Fried hearing results: $250 million bail and exile to family home

Sam Bankman-Fried: The FTX creator can now be released on a $250 million bond thanks to a decision made on Thursday by a federal judge in New York.

He is currently being tried for fraud and other offenses.

The news

At roughly 2:00 p.m., Sam Bankman-Fried, his parents, lawyer, and court security exited the Manhattan US District Court.

The prosecutors and his attorneys accepted the bail conditions for Bankman-personal Fried’s recognizance.

The 30-year-old’s next hearing will be heard on January 3 in New York City under the direction of Judge Ronnie Abrams.

He will answer the charges there and enter a plea.


A written pledge from the defendant to show up in court in response to a summons is known as a recognizance bond.

Sam Bankman-Fried won’t have to provide all the collateral for the bail to be released.

The equity in his family’s home served as security for the bond signed by his parents and two additional parties with significant holdings.

The prosecution billed the $250 million package, which also includes an electronic monitoring bracelet, as the largest ever pretrial bond.

He must consent to receive therapy for his mental health and promise not to visit the Southern, Eastern, or Northern Districts of California or New York.

Read also: FTX associates plead guilty to federal court charges

In the court

Bankman-Fried would need ongoing supervision after being allowed to go back to his parents’ California home, according to Judge Gabriel Gorenstein.

In the courtroom were SBF’s parents, who are both Stanford law professors.

Two US marshals in blue jackets and brown shoes were around the FTX founder.

While in the courtroom, he switched his ankle shackles for an ankle monitor.

Sam Bankman-Fried only said something once the court asked whether he knew what would happen if he violated the terms of his bail.

“Yes, I do,” said SBF.

Additionally, opening new credit accounts with a balance of more than $1,000 is not permitted for Bankman-Fried.

As they wait for the trial to begin, federal regulators call him a “brazen” fraud at his crypto-empire.

Assistant US Attorney Nicolas Roo stated during the court proceedings that SBF was the center of “a fraud of epic dimensions.”

Roos claimed that SBF had drastically reduced his financial assets, freely returned to the US, and had never attempted to flee.

Former $32 billion bitcoin tycoon Sam Bankman-Fried allegedly claimed that he only had $100,000 in his bank account.

The result was the man’s quick fall from grace.


According to Sam Bankman-Fried’s accusations, he is guilty of:

  • Perpetrating a multibillion-dollar fraud on his investors
  • Using customer funds to purchase properties
  • Funding political donations
  • Backstop trades at his hedge fund Alameda Research

The Commodity Futures Trading Commission filed new charges against SBF, FTX, and Alameda Research on Monday.

They asserted that Bankman-Fried broke the Commodities Exchange Act and that FTX messed up customer funds.

Alameda Research allegedly had access to more than $8 billion in client money.

Alameda has had access to and used FTX customer funds for its operations and activities from the company’s creation in 2019, including:

  • Trading
  • Funding
  • Investment
  • Borrowing/lending

The CFTC concurred with the SEC’s allegations that Sam Bankman-Fried ran his empire as a fraud from the beginning.

On November 11, FTX filed for bankruptcy protection in Delaware.

Sam Bankman-Fried’s replacement as CEO of FTX, John Ray III, stated he had never witnessed such a loss of corporate control.

SBF’s lieutenants

Gary Wang, a co-founder of FTX, and Caroline Ellison, a former co-CEO of Alameda Research, both entered guilty pleas to federal charges on Wednesday.

Gary Wang admitted the following charges:

  • Conspiracy to commit wire fraud
  • Wire fraud
  • Conspiracy to commit commodities fraud
  • Conspiracy to commit securities fraud

The following was what Caroline Ellison had done:

  • Two counts of wire fraud
  • Two counts of conspiracy to commit wire fraud
  • Conspiracy to commit commodities fraud
  • Conspiracy to commit securities fraud
  • Conspiracy to commit money laundering

On Wednesday, news of their plea deals was made public.

Read also: Core Scientific files for bankruptcy 2 months after warning


The US Attorney charged Sam Bankman-Fried with eight offenses, including money laundering and securities fraud.

On Wednesday night, he was flown from the Bahamas to New York.

Compared to other federal white-collar defendants, SBF has a much higher bond.

  • Bernie Madoff obtained a $10 million bail in anticipation of his imminent trial for running a Ponzi scheme.
  • Former Enron CEO Jeff Skilling posted a $5 million bond.
  • Elizabeth Holmes, the Theranos founder, posted a $500,000 bond.


FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents

CFTC piles on new charges against Bankman-Fried, FTX and Alameda

FTX’s Gary Wang, Alameda’s Coraline Ellison plead guilty to federal charges, cooperating with prosecutors