FTX Founder will be released on $250 Million Bail 

    Alas, the treacherous saga continues to unfold, and the criminal investigation into FTX and its related entities has moved with startling speed. Remember when we last discussed the whole FTX collapse, the infamous market crash, and how Sam Bankman-Fried (SBF) got arrested? Well, let me tell you how the FTX Founder bail came to be… 

    Without a doubt, this is by far one of the most notorious hero-turned-villain stories in the Crypto times! People are even comparing it to Bernie Madoff’s story, where the notorious fraudster’s money management operation turned out to be the largest Ponzi scheme for 20 whole years!

    FTX Founder Bail 

    Sam’s FTX exchange was based in the Caribbean nation. And initially, the Feds arrested him at his Bahamian luxury apartment complex on December 12.

    Fast-forward to Thursday, news broke that the Manhattan court granted the disgraced former cryptocurrency CEO, 30, release from federal custody under quote-unquote ‘highly restrictive bail conditions’. 

    In detail, the bail entails a $250 million bond in the form of a personal recognizance bond secured by the equity in his parents’ house and by their signatures, as well as the signatures of two other financially responsible people, according to a report by the Associated Press. The FTX founder’s bail condition? He must remain under house arrest with them. 

    Yeah, this does sound ridiculous to us as well… 

    Not to mention that Damian Williams, the U.S. attorney for the Southern District of New York, announced on Wednesday night that the two former executives of Mr. Bankman-Fried’s businesses, Caroline Ellison and Gary Wang, had pleaded guilty to federal fraud charges and were cooperating with prosecutors. 

    Although the charges against the executives should’ve further complicated Mr. Bankman-Fried’s defense, the FTX founder’s bail was secured nonetheless… Kinda sus, don’t you think?

    Moreover, in just under two months, FTX went from a flourishing exchange to a bankrupt entity whose executives are facing criminal charges for some of the financial world’s most serious violations. It has been a total rollercoaster ride, and not a fun one at that! 

    According to Coindesk, Bankman-Fried’s “medical condition” which entails him taking Zyrtec and Adderall prescriptions facilitated this bail…

    And let me tell you, no one was stomaching this bs…

    Unfair Trial?

    Evidently, this whole predicament is not going anywhere anytime soon. And the community is near breathing fire at the whole FTX founder bail incident. 

    You scam innocent people out of billions of dollars, and you manage to walk away from prison by paying some change?

     Basically, the judicial system did not have any good standing with the public, to begin with. Since the community questioned its legitimacy long before this trial. But, we can call this the moldy cherry on top of this rotten legislative cake.

    And people aren’t holding back, with several individuals taking to Twitter to let their rage out…  

    Stay tuned for more regarding the FTX trial!


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