Ex-FTX CEO, Sam Bankman-Fried gets Officially Released

The FTX collapse has hit the whole crypto sphere really hard.

 Sam Bankman-Fried, the ex-FTX CEO was under custody for quite some time now and today he got released on $250 million bail.

Earlier the founder of FTX was under custody. He spent an eight-day stay in The Bahamas Fox Hill correctional facility. And later he had been extradited to the United States this week.

One of the prime sources, covering the hearing, revealed the bail to be the highest ever. Though Bankman was granted this bail against heavy cost. He not only had to pay $250 million but also agree to home monitoring. SBF is ordered to stay at his parent’s Palo Alto home and that is where the home monitoring is also installed. As per the reports, Sam Bankman Fried had to surrender his passport as well for bail.

The Bail of Con Man, Sam Bankman Fried

The collapse of FTX came out as a shock to the crypto industry. Its demise and uncovering have become a buzz that everyone is talking about these days. And amid all this, the ex-FTX CEO Sam Bankman-Fried comes up as a real con man.

Bankman-Fried was detained by Bahamian police as a result of an eight-count indictment by US prosecutors. He then spent more than a week at Nassau's Fox Hill jail before being extradited.

The hearing with his council, the US government's prosecution, and Judge Gabriel W. Gorenstein happened today. It was then revealed that  Sam Bankman-Fried is released on $250 million bail. A prominent source made it public during the hearing about the bail. The hearing also determined that Bankman-Fried, who had already turned over his passport to authorities, would continue to be in his parent's care.

His case was deemed to be too high-profile by the court to pose a flight risk, therefore home monitoring was also scheduled to be placed at his parents' home. In conclusion, the hearing was put on hold, with a new date for it set for January 3, 2023.

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