FTX Founder Free on Hefty $250 Million Bail

A ruling made by US Magistrate Judge Gabriel Gorenstein approved the release of FTX co-founder Sam Bankman-Fried on a $250 million personal recognizance bond guaranteed by his parents’ house in Palo Alto, California.

Gorenstein suggested that Bankman-Fried did not pose a real flight risk or any potential threats linked to financial crimes, thus leading to the conclusion that this bail could be granted properly. Furthermore, it has been established that he is required to reside with his family at their home during these times.

Earlier today, Bankman-Fried appeared at a federal court hearing in Manhattan today to face fraud charges linked to the collapse of the FTX exchange. 

As reported by U.Today, the former head of the now-defunct cryptocurrency exchange FTX, agreed to be extradited to the U.S. on Wednesday.  

Bankman-Fried is accused of committing one of the most egregious financial frauds in US history. The 30-year-old denies the charges against him