SBF to be released on $250 million bail

The troubled founder and former CEO of a bankrupt crypto exchange FTX is to be released on a $250M bond after making his first appearance today in a Manhattan federal court. 

SBF, as he is popularly known, was recently extradited to the United States from the Bahamas where he was living, and was arrested weeks after the collapse of the firm. 

The ruling came today, Thursday during SBF’s first public appearance at the Manhattan Federal Courthouse since the start of the FTX saga. SBF faces eight counts, which include conspiracy to commit fraud on customers and lenders, money laundering, and violation of campaign finance laws, and could face a life imprisonment verdict if found guilty.

SBF’s conditions worsened as on Wednesday, 21st December, the US Attorney for the Southern District of New York announced that two of SBF’s colleagues — Caroline Ellison, the CEO of Alameda, and Gary Wang, co-founder of FTX pleaded guilty to related fraud charges concerning FTX and its implosion.

The duo of Caroline and Wang’s testimonies established wrongdoings on the leadership of both firms, which they both pleaded guilty to; however, Sam Bankman-fried pleas otherwise. 

Wang and Elison are alleged to have written the code that put the regular users at a disadvantage and has reportedly agreed to cooperate with US authorities.

The implosion of FTX has left about 5 million users wanting their funds with no guarantee they will be able to get back their funds in the exchange. 

See also”

• SBF lands in US, Faces charges