4 conditions under which Sam Bankman-Fried has been released from jail
Sam Bankman-Fried, the ex-FTX CEO arrested for criminal fraud, has been released on a $250-million bail. The 30-year-old, once the toast of the crypto world, stands accused of stealing billions of dollars belonging to customers.
He was extradited to the US from the Bahamas -- from where he and his confidants ran the now bankrupt crypto exchange. On Thursday, he appeared before a Manhattan judge, who granted him bail.
There are several bail terms, the first is the $250 million bond that was secured by equity in his parents' California home, CNBC reported. Bankman-Fried will have to live in that house.
Second, he has to surrender his passport, news agency Reuters reported.
Third, he will be monitored electronically. He also needs to have regular mental health evaluation.
Also read: Thanks to FTX, regulating crypto should be easy: The Editors
Fourth, he cannot start a new business or conduct transactions worth more than $1,000 without clearance from the government or the court.
There are eight counts against Sam Bankman-Fried, including election finance violations, money laundering and fraud, AFP reported. For five of them, the maximum jail term is 20 years each.
FTX co-founder Gary Wang, and Caroline Ellison, the CEO of FTX's sister firm Alameda Research, have both pleaded guilty to charges connected with the crypto exchange's meltdown.
FTX insiders have been accused of running it with a complete lack of transparency.
The company has been taken over by restructuring expert John J Ray, who offered some of the sharpest comments on its management.
He has said FTX was run by small group of "inexperienced and potentially compromised" people, a reference to Bankman-Fried and his inner circle.
"Never in my career have I seen such a complete
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