Until the hearing on January 3rd, Sam Bankman-Fried will live with his parents in Palo Alto, California.
Sam Bankman-Fried (SBF), a co-founder and former Chief Executive Officer (CEO) of FTX, has reportedly been released from jail after his parents secured the bail with the equity in their home in Palo Alto, California.
According to a CNBC report shared on December 22nd, Sam Bankman-Fried has to live with his parents in Palo Alto, wear an electronic monitoring bracelet, surrender his passport, attend mental health counselling and not travel further than the Northern District of California and the Southern & Eastern Districts of New York.
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Nevertheless, SBF cannot make financial transactions worth more than $1,000 or open new lines of credit.
Since his arrest on December 12th in the Bahamas, the man has been held in Nassau's Fox Hill facility. However, on December 20th, things took a turn when the news broke that the man had agreed to be extradited to the United States.
On December 21st, SBF reportedly signed his final papers waving the rights to fight extradition and was handed to the Federal Bureau of Investigation (FBI) on the same day.
Afterwards, the FBI placed Sam Bankman-Fried on a private flight bringing him back to the United States, where on December 22nd, the man finally stood before the Court.
According to Assistant US Attorney Nicolas Roos, the decision to release SBF on bail was made because the former CEO has “no history of flight and has significantly reduced financial assets.”
Before being arrested, Sam Bankman-Fried claimed that he had $100,000 in his bank account, which is a significant downfall considering that he once was a mastermind behind a $32 million crypto firm.
The new hearing regarding the case of “a fraud of epic proportions” is set to take place on January 3rd in New York City, with Judge Ronnie Abrams presiding.
It is worth noting that on the same day, former Alameda Research CEO Caroline Ellison and FTX co-founder plead guilty to fraud charges.