Cryptocurrency Fraud: “FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents”
December 23, 2022
“FTX founder Sam Bankman-Fried was released on $250 million bond while awaiting trial for fraud and other criminal charges, a New York federal judge ruled Thursday.
Bankman-Fried stepped out of U.S. District Court in Manhattan, flanked by his parents, his legal team, and court security at 2:19 local time.
The terms of his personal recognizance bond were agreed to by prosecutors and Bankman-Fried’s lawyers. The 30-year-old will face his next hearing, presided over by Judge Ronnie Abrams, in New York City on Jan. 3., where he’ll enter his plea and be arraigned…”
For those who don’t know FTX was scamming and commuting fraud in the crypto community. As this may affect crypto markets in the future I’m considering tracking this story as it develops. Anyways Back to the story for those who need more details or don’t know whats happening.
“Why Did FTX Collapse?
…On Nov. 16, 2022, a class-action lawsuit was filed in a Florida federal court, alleging that Sam Bankman-Fried created a fraudulent cryptocurrency scheme designed to take advantage of unsophisticated investors from across the country. There are also other celebrities named in the lawsuit, including Steph Curry, Shaquille O’Neal, Shohei Ohtani, Naomi Osaka, Larry David, and Kevin O’Leary, who allegedly helped Bankman-Fried facilitate the plan. The U.S. House Financial Services Committee said it will hold a hearing in December 2022 on the FTX collapse…”