Former FTX CEO Sam Bankman-Fried has been released on bail after appearing in U.S. federal court in New York on Thursday. Bankman-Fried was told he can live with his parents on $250 million bail secured in part by their Palo Alto, California, house. His release also includes a long list of requirements for him to remain free while he faces charges. He's not allowed to make financial transactions of more than $1,000, can't open new lines of credit, can't leave the house except to exercise and must go through substance abuse and mental health treatment, according to the agreement.
More @
https://www.coindesk.com/markets/2022/12/23/first-mover-americas-sec-scrutnizes-crypto-audits-sbf-gets-bail/Yes, it's disgusting to see that money can buy you (temporary?) freedom - even in a very clear case of extreme fraud like in this situation.
However, as much as I despise SBF and his atrocious way of trying to weasel out of any responsibility (did you listen to Coffeezilla interviews of him? - hilarious!) let's not forget one important thing:
For this FTX + Alemeda mega-scam to become as big as it did and run as long as it did, we need A LOT of people to look the other way (or be actively involved), while things were already running in a *more than shady* way.
Sure, everyone wants a scapegoat, and probably SBF deserves a massive sentence - however I fear most of the other people that enabled this thing in the first place will not receive similar justice.
Gonna be interesting though how the 2 closest friend and once a lover and the Co-founder of SBF will testify against him, the revelation is going to explode in the courtroom,
Caroline Ellison, the former chief executive of Alameda Research and Bankman-Frieds sometime lover, and Gary Wang, a co-founder of the $32-billion crypto exchange, were charged in connection with their roles in the frauds that contributed to FTXs collapse, U.S. Attorney for the Southern District of New York Damian Williams said in a brief video address.
Ellison, 28, pleaded guilty to seven counts, including wire fraud and conspiracy to commit securities fraud, according to a plea agreement obtained by The Wall Street Journal. The seven counts carry a maximum sentence of 110 years in prison
Wang, 29, pleaded guilty to four counts: wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud. He faces up to five decades behind bars.
https://news.yahoo.com/sbf-girlfriend-ftx-co-founder-030124940.htmlSo with this 2 also have a case against them, for sure they will squeal what's the inner workings behind, and point everything to SBF to save their faces and get a lenient sentence.