FTX founder Sam Bankman-Fried to be released on $250mn bond

The 30-year-old former head of the failed cryptocurrency exchange is accused by prosecutors of allegedly carrying out “one of the biggest financial frauds in US history.’

Mr Bankman-Fried, who has denied the charges against him, arrived back in the US on Wednesday night and appeared in court in New York for the first time on Thursday.

A federal judge in New York ruled that Mr Bankman-Fried could be released on a $250m bail in an agreement drawn up between prosecutors and his defence team. He will also be required to live at his parents’ home.

While Mr Bankman-Fried was flown back to the US, prosecutors in Manhattan announced that two of his closest associates had been charged and pleaded guilty.

Carolyn Ellison, 28, the former chief executive of Bankman-Fried’s trading firm, Alameda Research, and Gary Wang, 29, who co-founded FTX, pleaded guilty to charges including wire fraud, securities fraud and commodities fraud.

Sam Bankman-Fried lands in U.S. as two FTX executives plead guilty to fraudUnmute

US Attorney Damian Williams said that both of them were cooperating and had agreed to assist in any prosecution. He also warned anyone else involved in the alleged fraud to cooperate with his office.

“If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. We are moving quickly, and our patience is not eternal,” he said.

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