From The Verge: Now that Sam Bankman-Fried (SBF) is back in the US, he has been released from federal custody. The New York Times and CNBC report the co-founder of the failed and allegedly fraudulent cryptocurrency exchange FTX was released on $250 million bail, secured by his parent’s home, ahead of his trial on eight criminal charges he faces, in addition to civil suits filed by the SEC and CFTC.
Prosecutors say billions in customer and investor funds are missing, accusing a small circle of insiders at FTX and Bankman-Fried’s crypto hedge fund, Alameda Research, of misusing the money for themselves from the very start of their operation.
For now, the 30-year-old, whose net worth had been calculated to be in the billions until recently, will live in San Francisco with his parents, well-known law professors at Stanford, while wearing an electronic monitoring device. SBF is scheduled to appear in person at his next hearing on the afternoon of January 3rd in New York City.
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