FTX’s Sam Bankman-Fried, charged with ‘epic’ fraud, released on US$250 million bond
- The disgraced founder of cryptocurrency exchange FTX can live in his parent’s home, while he awaits trial on criminal fraud charges
- Prosecutors allege Bankman-Fried cheated investors and misused funds that belonged to FTX and Alameda Research customers
Sam Bankman-Fried was released on a US$250 million bond package while he awaits trial over the collapse of cryptocurrency exchange FTX, which a US prosecutor called a “fraud of epic proportions”.
Federal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research.
Bankman-Fried was not asked to enter a plea on Thursday. He has previously acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability.
His defence lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court.
US Magistrate Judge Gabriel Gorenstein set Bankman-Fried’s next court date for January 3, 2023, before US District Judge Ronny Abrams, who will handle the case.
Bankman-Fried founded FTX in 2019. A boom in the values of bitcoin and other digital assets propelled the exchange to a valuation of some US$32 billion earlier this year, making the Massachusetts Institute of Technology graduate a billionaire several times over, as well as an influential donor to US political campaigns.
