Updated Dec 22, 2022 - Economy

Sam Bankman-Fried released on $250 million bond

Sam Bankman-Fried leaves New York courthouse.

Sam Bankman-Fried leaves Manhattan Federal Court. Photo by Michael M. Santiago/Getty Images.

FTX founder Sam Bankman-Fried was released Thursday on $250 million bond after appearing in a New York court.

Why it matters: The controversial crypto wunderkind was extradited to the U.S. Wednesday following his arrest in the Bahamas last week. He has been accused in a U.S. criminal complaint of defrauding FTX customers.

What to know: Bankman-Fried is required to live at his parents' Palo Alto, Calif. home, which would be put up as bond collateral. Both of his parents are professors at nearby Stanford University.

  • He has also surrendered his passport, is subject to electronic monitoring, and can receive mental health treatment.

Context: Bankman-Fried faces eight counts of fraud, conspiracy, campaign finance law violations and money laundering. The charges carry a maximum sentence of 115 years in prison.

  • Two of his former associates, FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, have pleaded guilty to federal charges and are cooperating with prosecutors.

Of note: The Commodity Futures Trading Commission and Securities and Exchange Commission both filed separate civil complaints against Bankman-Fried, with the latter saying he orchestrated "a scheme to defraud equity investors in FTX." That complaint seeks to ban SBF from the crypto industry.

What's next: Bankman-Fried's next hearing, presided over by Judge Ronnie Adams, is scheduled for Jan. 3 at the Thurgood Marshall U.S. Courthouse in New York.

Go deeper:

Two major FTX figures plead guilty to federal charges

Sam Bankman-Fried accused of fraud by SEC

Editor's note: This story has been updated with additional reporting and background.

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