Ex-Crypto Mogul Sam Bankman Fried out on $250 million bail within days of arrest

The accused crypto billionaire is released on $250 million bail days after the arrest.

The founder and ex-CEO of now bankrupt crypto exchange FTX Sam Bankman Fried (SBF) has agreed to extradition to the US from his headquarters based in the Bahamas.

He’s now freed on $250 million bail this week after his willingness to the extradition process. He will be kept under the strict supervision of his parents in their house in California. SBF will be tracked by ankle bracelet throughout his bail period.

If he violates any of the bail conditions, his parents would be liable for $250 million bond. SBF has agreed to all the conditions and is freed to go home with his parents.

SBF faces eight charges, all connected to his role in the collapse of FTX exchange. The charges include financial misconduct, wire fraud, security fraud and also for misleading the customers by saying “FTX is a safe place for trading cryptocurrencies”.

SBF has been found responsible for misusing $10 billion worth of customer funds and using it to fund his expenses and transferring them to Alameda Research, the hedge fund managed by FTX.

FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison pleads guilty on the day SBF agreed to extradition to the US. Both of them agreed to testify in court against SBF and explain their involvement in the crime.

Meanwhile, SBF and his team were not the only ones facing lawsuits. Celebrities & athletes who endorsed FTX will also be appearing in court for misleading investors through marketing without performing any due diligence.

Tom Brady, Stephen Curry, Shohei Ohtani, Kevin O’Leary, Trevor Lawrence and Shaquille O’Neal were ordered to appear for hearing by the court. Further updates are yet to be made public.

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