The co-founder of collapsed cryptocurrency exchange FTX made his first US court appearance to face fraud charges, after his associates pleaded guilty.
was released on a $US250 million bail package after making his first US court appearance to face fraud charges over the collapse of FTX, the cryptocurrency exchange he co-founded.
Mr Bankman-Fried, 30, was charged in an indictment unsealed on December 13 by Manhattan federal prosecutors with orchestrating a years-long fraud in which he used billions of dollars of FTX customer funds for personal expenses and high-risk bets through theFTX’s collapse reverberated across an already-embattled cryptocurrency industry, prompting calls for further regulation as well as accountability for those who led the exchange.
In approving the package, Mr Gorenstein said the risk that Mr Bankman-Fried would flee was small and said he presented no danger to the public in terms of future financial crimes. The magistrate also said Mr Bankman-Fried was probably too well-known to become a fugitive. That defence may be harder to maintain after Manhattan US Attorney Damian Williams announced on Wednesday night that two of Mr Bankman-Fried’s closest associates, former Alameda chief executive Caroline Ellison and former FTX chief technology officer Gary Wang, had pleaded guilty to fraud and were cooperating with the prosecution.
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