FTX Founder Sam Bankman-Fried Will Live With His Parents After Being Released on $250 Million Bail

ftx founder
FTX founder leaving the court

Magistrate Judge Gabriel W. Gorenstein approved the bond and home arrest but insisted that Bankman-Fried wear an electronic monitoring bracelet before leaving the courtroom. It was suggested to be attached on Friday in California by Roos.

When Sam Bankman-Fried approached the courtroom in a suit and tie to take a seat between his counsel, he was bound at the ankles. Except for the judge’s questions, he remained silent throughout the session. Gorenstein questioned him near the end about his understanding that if he chose to leave, he would be arrested and owed $250 million (€235 million).

FTX, established in 2019, grew fast to rank among the greatest digital currency exchanges in the world by riding the crypto investing boom to tremendous heights. It engaged the comedic actor and writer Larry David to appear in a TV commercial that appeared during the Super Bowl and promoted cryptocurrency as the next great thing in order to attract clients outside of the tech industry.

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