Sam Bankman-Fried released on $250 million bond
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.
Editor's note: This story has been updated with additional reporting and background.