Sam Bankman Fried, the former chief executive officer of FTX, has been extradited to the United States and will be released on bail set at $250 million. It is the highest amount that has ever been paid in bail before a trial.
During his initial court appearance on the 23rd (local time), former CEO Bankman Fried was granted bail in the amount of $250 million by a federal court in the United States, as reported by Decrypt. Former company CEO Bankman Fried will be placed under house arrest at the residence he shares with his parents in the state of California.
Prosecutor Nicolas Roos said, “The conditions imposed by the government include house arrest, electronic monitoring, and a bail amount of $250 million.”
The former CEO Bankman Fried is unable to launch a new company without first spending more than one thousand dollars and receiving approval from the court. In addition, he is obligated to hand over his passport, and he has acknowledged and consented to all of the aforementioned terms. The attorney for former company CEO Bankman Fried emphasized that his parents, both of whom teach at Stanford University Law School, signed the bail agreement together after Bankman Fried agreed to the conditions of his release.
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