Two of Bankman-Fried’s top former colleagues have pleaded guilty to federal criminal fraud charges and are cooperating with the prosecution against him.
Sam Bankman-Fried, the 30-year-old founder and former CEO of collapsed crypto exchange FTX, was released on a $250 million bond package after appearing in a Manhattan federal courtroom this afternoon. He would be confined to his parents' home in Palo Alto, California, while he awaits trial. Bankman-Fried has been charged with eight counts of defrauding customers, money laundering, and violating campaign finance laws, but was not asked to enter a plea during his court appearance.
Last month, after it was revealed that customer deposits to FTX were mixed in with Alameda, customers began withdrawing money from the exchange. As a result, FTX went into bankruptcy on Nov. 11. Bankman-Fried stepped down as CEO of the company that same day. His wealth plummeted from an estimated $16 billion to virtually nothing.in the Bahamas on Dec. 12 at the request of US authorities. Last night, after agreeing to extradition, he was flown to New York.
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