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FTX founder Sam Bankman-Fried to be released on $250 million bond

Home> News

Updated 19:08 22 Dec 2022 GMTPublished 18:58 22 Dec 2022 GMT

breaking

FTX founder Sam Bankman-Fried to be released on $250 million bond

The FTX founder has paid his $250 million bond despite recently claiming to only be worth around $100,000

Joe Harker

Joe Harker

FTX founder Sam Bankman-Fried is set to be released on a bond of $250 million after being arrested in the Bahamas following the collapse of his cryptocurrency empire.

Bankman-Fried has been charged with a variety of fraud and money laundering cases, while his business partners Caroline Ellison and Gary Wang have pleaded guilty to the charges against them.

Prosecutors have accused the cryptocurrency trader of sending billions in customer's money to Alameda Research, another company which was part of his empire.

As part of his bail package Bankman-Fried has to surrender his passport and stay at his parent's house in California, while he must also be regularly evaluated for his mental health.

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Bankman-Fried previously said he couldn't go to jail because he's a vegan and needs to take medication regularly.

FTX filed for bankruptcy last month after the company's net worth dropped from around $16 billion to almost nothing after many traders tried to sell up.

Featured Image Credit: REUTERS / Alamy Stock Photo

Topics: US News, Money, Cryptocurrency

Joe Harker
Joe Harker

Joe graduated from the University of Salford with a degree in Journalism and worked for Reach before joining the LADbible Group. When not writing he enjoys the nerdier things in life like painting wargaming miniatures and chatting with other nerds on the internet. He's also spent a few years coaching fencing. Contact him via [email protected]

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@MrJoeHarker

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  • Someone who invested $7,793 into Bitcoin 14 years ago and only just accessed it is now worth a staggering amount
  • FTX founder Sam Bankman-Fried pleads not guilty to fraud and money laundering
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  • FTX founder Sam Bankman-Fried has been arrested in The Bahamas

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