Bankman-Fried released on $250 mn bail, to wear electronic monitoring bracelet

Washington : Beleaguered crypto exchange FTX Co-founder Sam Bankman-Fried has been released on a $250 million bond in the US, “the largest-ever pretrial bond,” amid his trial for committing fraud and other criminal charges.

A federal judge in the US District Court in Manhattan also barred the former FTX CEO from opening any new lines of credit of more than $1,000 while awaiting trial, CNBC reported late on Thursday.

He will face his next hearing in New York City on January 3.

The bond has been secured by equity in his family home, and by the signatures of his parents and two other individuals with “considerable” assets.

As part of the bond agreement, Bankman-Fried will wear an “electronic monitoring bracelet” and submit to “mental health counselling” amid restrictions on travelling out of the city.

The judge said Bankman-Fried would require “strict” supervision following his release to his parents’ home in California.

Bankman-Fried was charged by the US Attorney for the Southern District with eight counts including securities fraud and money laundering.

Meanwhile, two close friends of Bankman-Fried have pleaded guilty to federal charges and are cooperating with the prosecutors in the US.

However, there is no news on Indian-origin Nishad Singh, another key FTX executive.

Caroline Ellison and Zixiao “Gary” Wang, two executives in the bankrupt crypto exchange FTC, have pleaded guilty, according to Damian Williams, the US Attorney for the Southern District of New York.

IANS

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