After Sam Bankman-Fried, the CEO of FTX, was granted extradition from the Bahamas on Wednesday, the Federal Bureau of Investigation brought him to the U.S. overnight. During the hearing, the judge set bail at $250 million for him because he is accused of being the mastermind behind the fraud and the illicit movement of funds inside his former crypto exchange.
Bankman-Fried was released on bail by equity in his parents’ Palo Alto, California, home, and there was a long list of conditions that were included in order for him to remain free as he faced the charges against him. Among other things, he cannot make a transaction worth over $1,000, and he cannot open any new lines of credit.
All three FTX co-founders, including Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, the other FTX co-founder, have pleaded guilty to federal charges against them. The sound of Bankman-Fried’s restraints was audible in the quiet courtroom as he entered the courtroom in a crumpled suit jacket.
