As part of Sam Bankman-Fried's bail, he is ordered to live at his parent's house and is prohibited from making transactions over $1,000, except to pay lawyers.
U.S. Magistrate Judge Gabriel Gorenstein said federal law required him to accept the bond package unless he concluded there were no way to ensure Bankman-Fried would appear for trial. That was not the case, said the judge, who noted that the defndant has no history of prior arrests or violence.
Referring to Bankman-Fried's steep fall, Roos said: “His financial assets, which were once in the billions, have diminished significantly.”FTX CEO testifies to Congress; founder Sam Bankman-Fried arrested: recap The 30-year-old one-time mogul had been held in the Bahamas following his arrest earlier this month, but was extradited to the U.S. late Wednesday to face prosecution in New York.
Before the spectacular financial collapse, Bankman-Fried was the face of FTX, a global company with more than 130 affiliates that allowed individual investors to trade cryptocurrencies, growing to be the third-largest exchange by volume. The company's commercials featured prominent celebrities, and its logo appeared on an NBA stadium and on MLB umpire uniforms.
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