Sam Bankman-Fried’s Bail Fee Revealed: SBF Will Accept Deal!

Sam Bankman-Fried appeared in US court for the first time on Thursday after being extradited from the Bahamas to face fraud charges.

The prosecutor said the founder of FTX had committed a “massive scam” and that the government had proposed a highly restrictive bail package.

At the trial in Manhattan federal court, Bankman-Fried is expected to be asked to make a defense. Prosecutors call Bankman-Fried to cover losses at Alameda Research hedge fund cryptocurrency accuses the exchange of stealing billions of dollars from FTX clients’ funds.

Sam Bankman-Fried’s Lawyer Accepts $250 Million+Household Arrest+Location Tracking Offer

Prosecutor Nicolas Roos told US Magistrate Gabriel Gorenstein that the government had offered a $250 million bail package that included bail, house arrest and location tracking. Bankman-Fried will also need to hand over his passport.

Bankman-Fried’s defense attorney said he accepted these terms.

The arrest of 30-year-old Bankman-Fried last week in the Bahamas, where he lives and is the headquarters of FTX, hastened the once billionaire’s disgrace. He left the Caribbean country on Wednesday night under FBI supervision.

Bankman-Fried acknowledged risk management mistakes at FTX but said he did not believe he had criminal liability. At a hearing in the Bahamas on Wednesday, his lawyer, Jerone Roberts, read an affidavit in which Bankman-Fried said he accepted the return, in part because of his “desire to reimburse the customers involved.”

A few hours after his plane took off, US prosecutors announced that two of Bankman-Fried’s closest former associates had pleaded guilty and cooperated in the investigation, significantly increasing the pressure on Bankman-Fried.

“If you’ve participated in misconduct at FTX or Alameda, now is the time to get ahead of it,” said Damian Williams, the top federal prosecutor in Manhattan, in a video posted on Twitter Wednesday night.

*Not investment advice.