Breaking: FTX’s Sam Bankman-Fried to get bail on $250 million bond

FTX founder – Sam Bankman-Fried – is set to get bail on a $250 million bond. The former crypto mogul will also be in home detention and constantly monitored. The news comes a day after SBF was extradited to the United States.

Notably, Bankman-Fried will be gaining his short-term restrictive freedom as part of a deal with federal prosecutors. This was reportedly the deal offered in exchange for returning without contesting the extradition decision in the Bahamas earlier this week.

Sam Bankman-Fried’s short-term relief comes with conditions

While SBF gets to be free for some time with a $250 million bond, he is required to fulfill other conditions as mandated by the Southern District of New York Judge. During his release, SBF’s movements will be constricted to the Northern District of California. Additionally, the former bigwig has to surrender his passport, attend regular mental health checkups, and wear an electronic monitoring device.

SBF will also not be allowed to open new credit lines during his trial period. Moreover, his parents have to co-sign the bond and post equity in their home in order to get the bail. The next court hearing on SBF will take place on January 3, 2023.

The story is still developing.

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