FTX founder released to parents on $250m bail

Former FTX boss Sam Bankman-Fried will face home detention while awaiting trial in the US on charges that he defrauded customers and investors of the collapsed cryptocurrency exchange, the BBC reports.

A US judge said the 30-year-old former billionaire could be released to his parents on a $250m bond.

At the hearing, Mr Bankman-Fried did not admit or deny guilt.

He has previously distanced himself from the charges, which have shaken the entire crypto industry.

“I didn’t knowingly commit fraud. I don’t think I committed fraud. I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was,” he told the BBC, shortly before his 12 December arrest in the Bahamas, where he lived, and FTX was based.

Two of Mr Bankman-Fried’s closest colleagues pleaded guilty to fraud on Wednesday and are helping with the investigation.

Federal prosecutors in New York have accused Mr Bankman-Fried of unlawfully using customer deposits made at FTX to fund his other crypto firm, Alameda Research, buy property and make millions of dollars in political donations.

Show More
Back to top button