Jakarta, CNBC Indonesia – FTX founder Sam Bankman-Fried has been released on $250 million bail pending trial on fraud and other criminal charges.
Bankman-Fried exited the United States District Court in Manhattan, joined by his parents, his legal team and courthouse security at 2:19 a.m. local time, Thursday (12/22).
His personal confession was approved by prosecutors and Bankman-Fried’s attorneys. The 30-year-old will face his next trial, presided over by Judge Ronnie Abrams, in New York City on Jan. 3, 2023, where he will enter his defense and stand trial.
The bond of confession is a written commitment by the defendant to appear in court when ordered. In return, the Bankman-Fried field will not be required to meet all collateral requirements.
Quoting from CNBC Internationalthe bonds are secured by equity in his family home, and signed by his parents and two other people with “substantial” assets.
In addition to the $250 million package, which prosecutors have called “the largest remand bail ever,” the former crypto billionaire will also be required to wear an electronic monitoring bracelet.
He was also asked to undergo mental health counseling and to restrict himself to travel within and between the Northern District. California and the Southeastern District of New York.
Judge Gabriel Gorenstein said Bankman-Fried will require close supervision following his release to his parents’ home in California.
The former FTX CEO was also barred from opening new credit lines worth more than $1,000 pending trial for what federal regulators called “brazen” fraud in his bankrupt crypto empire.
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