Sam Bankman-Fried released on $250 million bond secured by his parents’ $4 million home, not $250 million cash bail as originally reported.
Dem Mega Donor Crypto King Sam Blankman-Fried, charged in a $250 billion fraud, was extradited to the U.S. from the Bahamas, and found himself in federal court in Manhattan. But he didn’t stay there for long, he got released for what to him in his heyday was Chump change.
The intial reports were that SBF had to post $250 million bail. That’s how the NY Times initially described it (before later changing the headline):
And it spread through the media and social media …
… leading many to mock how a guy who a couple of weeks ago said he only had about 100k in the bank, could comeup with so much money.
SBF in November: I’m down to $100,000
SBF today: Pays $250 million bail
— Bitcoin Magazine (@BitcoinMagazine) December 22, 2022
Well, akshually, it was a $250 bond secured by an interest in his parent’s $4 million home. Four million was, in Sammy the bull’s world, a rounding error.
NBC News reported:
FTX co-founder Sam Bankman-Fried, who is accused of misappropriating billions of dollars deposited in the cryptocurrency exchange, walked out of a federal courthouse in New York on Thursday after he posted a $250 million personal recognizance bond….
A recognizance bond is a written commitment from the accused to appear in court when ordered. In return, Bankman-Fried’s camp won’t be required to meet the full collateral requirements of the bail.
The terms of the package, which by U.S. Attorney Nicolas Roos described as “highly restrictive” and the largest pretrial bond that he could recall, were agreed to by federal prosecutors and Bankman-Fried’s attorneys, CNBC reported.
The “$250 million personal recognizance bond signed by Mr. Bankman-Fried and co-signed by his parents … will be secured by the parents’ equity interest in their home” in Palo Alto, U.S. attorney’s spokesperson Nicholas Biase said in a statement….
U.S. Magistrate Judge Gabriel Gorenstein said Bankman-Fried will require “strict” supervision at his parents’ California home.
He must wear an electronic monitoring bracelet and submit to mental health counseling, and he will be restricted to the Northern District of California, according to the bail terms.
Bankman-Fried will also be barred from opening any new lines of credit as he awaits trial.
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