Ex-FTX CEO Sam Bankman-Fried was today sent home after his first court appearance, according to a reporter live tweeting from the courtroom, for a price of $250 million.
Following arguments by federal prosecutors and Bankman-Fried’s defense counsel, the disgraced crypto mogul was told by a judge that he would be allowed to await trial at his parents house in Palo Alto, California, court reporter Matthew Russell Lee of Inner City Press said via Twitter.
Judge Gorenstein: He will surrender his passport – it has already been surrendered. Home detention with local monitoring, to be installed today. He must live in his parents’ home in Palo Alto. No new business without pre-approval of Pre Trial Services
— Inner City Press (@innercitypress) December 22, 2022
Nicolas Roos, a New York-based prosecutor, told U.S. Magistrate Judge Gabriel Gorenstein that the government was proposing a bail package that included a $250 million bond, home detention, and location monitoring.
Bankman-Fried will not be able to spend more than $1,000 except on defense related cost, nor start other businesses, without court approval. He would also have to surrender his passport.
Bankman-Fried’s defense counsel said he agreed with these conditions.
Bankman-Fried faces criminal charges in the United States related to the recent collapse of his digital asset exchange, FTX, which blew up spectacularly last month.
This is a developing story and this story is being updated as developments warrant.
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Source: https://decrypt.co/117796/sam-bankman-fried-sent-home-on-250m-bail-after-first-court-appearance
