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Criminal Justice

Sam Bankman-Fried Released on Bail, Under House Arrest at Stanford Campus

Written by Liz LindqwisterPublished Dec. 22, 2022 • 1:46pm
FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on Dec. 22, 2022, in New York City. | David Dee Delgado/Getty Images

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Sam Bankman-Fried, founder of collapsed cryptocurrency exchange FTX, was released from federal custody by a Manhattan court Thursday.

The price tag for his release? A casual $250 million bond, secured by his parents’ interest and a promise that the 30-year-old will remain under house arrest at the Bankman-Fried family’s Palo Alto home on Stanford University’s campus, according to a spokesman for the U.S. Attorney for the Southern District of New York.

The facade of Barbara Fried and Joseph Bankman’s home | Benjamin Fanjoy/The Standard

Bankman-Fried will have to wear an ankle monitor, undergo regular mental health evaluations and face a $1,000 cap on credit withdrawals, according to court filings.

His parents are both law professors at Stanford Law School.

Stanford Tax Professor Joe Bankman at Stanford Law School | Josh Edelson

The Bay Area native was arrested in the Bahamas earlier in December, and extradited to the United States Wednesday. He faces a slew of fraud charges, filed by multiple federal entities.

Once deemed the darling of the crypto world, SBF was personally worth $26 billion and reigned over a crypto empire that amassed roughly $16 billion in customer deposits. But in November, the exchange collapsed and filed for bankruptcy amid allegations he mismanaged customer funds—a mistake that cost customers billions of dollars, and hit celeb investors like Gisele Bündchen and Mark Zuckerberg.

It’s unclear how much of the lost crypto assets could be recovered, though about $740 million has been clawed back as of Nov. 23, according to FTX court filings. 

English

Liz Lindqwister can be reached at [email protected]



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