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The biggest cryptocurrency scam in US history: Court releases FTX founder on $250 million bail

The 30-year-old former FTX boss will remain under house arrest at his parents' home in California

New York: Sam Bankman-Fried, the founder of the cryptocurrency exchange company  – FTX, involved in the major cryptocurrency fraud of United States history, was released by the court on a bail package of $250 million.

According to the details, FTX co-founder and former CEO Sam Bankman-Fried (SBF) was arrested in the case for cheating the customers and investors of FTX for a year.

He made his first appearance before a Manhattan magistrate judge yesterday, where he was released on bail.

According to the bail package, the 30-year-old former FTX boss will remain under house arrest at his parents’ home in California.

Federal prosecutors said the bail on which Bankman was released was one of the largest pretrial bonds in American history.

Bankman was indicted by federal prosecutors in Manhattan on Dec. 13, alleging that over a year he illegally diverted billions of dollars of FTX customer funds for personal expenses, political donations and real estate purchases. , and he did this through his other crypto company, Alameda Research.

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