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    Home»News»Sam Bankman-Fried Released on $250M Bail Secured by Parents
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    Sam Bankman-Fried Released on $250M Bail Secured by Parents

    Anietie DavidBy Anietie DavidDecember 23, 2022Updated:December 23, 2022No Comments3 Mins Read
    Sam Bankman-Fried Released on $250M Bail Secured by Parents
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    In his first court appearance since being extradited from the Bahamas, Sam Bankman-Fried was told he can live with his parents on $250 million bail secured by their Palo Alto house.

    After Sam Bankman-Fried appeared in U.S. federal court in New York on Thursday on allegations that he was the brains behind the fraud and unauthorized transfer of customer monies inside his former crypto business, a federal judge decided to grant his freedom. Bail was ordered by the judge at $250 billion.

    After his extradition from the Bahamas was approved on Wednesday, Bankman-Fried was taken to the United States by the Federal Bureau of Investigation and appeared in court in New York to face his U.S. criminal charges for the first time. Allegations of fraud, money laundering, and campaign finance violations are at the heart of the lawsuit in the U.S. District Court for the Southern District of New York.

    Bankman-Fried’s release was secured by equity in his parents’ Palo Alto, California, home, and a long list of requirements was included for him to remain free while he faces charges. According to the agreement, he is prohibited from engaging in financial transactions worth more than $1,000, is not permitted to establish new credit accounts, is only permitted to leave the house for exercise, and is required to undergo substance abuse and mental health therapy.

    Bankman-Fried and his parents were not obliged to post the whole bail sum. A bond can be secured by assets totaling 10% of the bond’s principal. The ex-FTX CEO is prohibited from bail jumping thanks to the extremely large personal recognizance bond, which is supposed to represent the seriousness of Bankman-alleged Fried’s offenses.

    Nevertheless, the case’s court ruled that Bankman-Fried must obtain the signatures of at least two more people with “significant means,” one of whom cannot be a family member. Bankman-Fried must do so by a deadline of January 5 regardless of whether he has located the two extra signatures.

    Crypto Twitter Reacts 

    Sam Bankman-$250 Fried’s million bail bond, which enables him to spend Christmas at his parents’ Palo Alto home without having to pay anything up front, has apparently offended Twitter.

    Scott Melker, the host of the Wolf of All Streets podcast, tweeted on December 23 that while SBF didn’t have to pay $250 million to avoid going to jail, his parents would have to work 17 more jobs to pay bond if he skips bail.

    Vocal Crypto Twitter user Autism Capital elaborated on the matter, explaining that while Bankman-Fried has not had to pay any money upfront, he has put his parents, relatives and non-relatives in a difficult situation.

    Sam is out on a personal recognizance bail. What this means is that NO MONEY has been paid. His parents put up their home as collateral, one relative and a non-relative have also put up collateral. All of them would be on the hook for $250M if Sam runs. https://t.co/F85qHFVQDQ

    — Autism Capital 🧩 (@AutismCapital) December 22, 2022

    While the host of the Regulatory Jason Podcast, Jason Brett, tweeted on Dec. 23 that while it might not be fair that SBF is staying in a luxurious home while on trial, he reminded his followers that everyone in the United States is entitled to a fair trial and the presumption of innocence.

    People are impatient to see @SBF_FTX pay for his crimes. However, the reason America is different is how we treat those accused. Is it fair that he gets to be in a luxury home in a warm climate during trial? Life isn’t fair but we can get a shot at the truth of what happened.

    — Jason Brett (@RegulatoryJason) December 22, 2022
    FTX FTX Exchange Sam Bankman-Fried
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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