Sam Bankman-Fried, the cryptocurrency businessman accused of defrauding investors and stealing customer deposits from his FTX trading platform, left a Manhattan courthouse with his parents on Thursday after they agreed to sign a $250 million bond and keep him in their California home while he awaits trial. Bankman-Fried, 30, “perpetrated a scam of epic proportions,” according to assistant US attorney Nicolas Roos in federal court. In addition to the $250 million bond, which Roos claimed is the biggest federal pretrial amount ever, he also suggested house imprisonment at his parents’ Palo Alto home.
An important reason for allowing bail was that Bankman-Fried, who had been jailed in the Bahamas, agreed to be extradited to the U.S., Roos said. Reunited with his parents and lawyers inside the courthouse, an apparently silent Bankman-Fried shook the hands of a supporter before heading out the door, where photographers and video crews rushed him until he left in a car.
Bankman’s next court appearance is set on January 3
When Bankman-Fried approached the courtroom in a suit and tie to take a seat between his counsel, he was bound at the ankles. Except for the judge’s questions, he remained silent throughout the session. Gorenstein questioned him near the end about his understanding that if he chose to run, he would be subject to arrest and a $250 million debt. Bankman-Fried said, “Yes, I do. The session came to a close shortly after, and Bankman-Fried was taken out by two U.S. marshals with his hands in his front pockets. His next court appearance was set on January 3, when he will stand before the judge overseeing the case.
Additionally, he must comply with the court’s or the government’s approval before starting a business, opening new credit accounts, or engaging in any transactions worth more than $1,000. The bond was to be secured by the equity in his parent’s home and the signature of them and two other financially responsible people with considerable assets, Roos said. The bail was described as a “personal recognizance bond,” meaning the collateral did not need to meet the bail amount.