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Disgraced cryptocurrency tycoon Sam Bankman-Fried has been released on a $250m (£208m) bond package as he awaits fraud charges – the largest ever pretrial bond in history.

Federal prosecutors in Manhattan have accused him of stealing billions of dollars of customer’s money to plug losses at his hedge fund, Alameda Research.

In the space of a month, Bankman-Fried’s star-studded £21bn cryptocurrency empire collapsed and he has been charged with defrauding investors in the US.

FTX was once one of the world’s biggest digital currency exchanges, valued at $32bn, but ended up filing for bankruptcy protection in just three days.

Bankman-Fried oversaw a spectacular implosion that – almost exactly a month later – saw him arrested in The Bahamas.

He was not asked to enter a plea on Thursday. He has previously acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability.

His defence lawyer, Mark Cohen, declined to comment after the hearing in the Manhattan federal court.

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His arrest in The Bahamas, where he lived and where FTX is based, cemented the one-time billionaire’s spectacular fall from grace.

Cohen said he agreed with prosecutors’ proposed bail conditions.

He noted that his parents – both Stanford Law School professors – would co-sign the bond and post the equity in their
home as assurance for Bankman-Fried’s return to court.

“My client remained where he was, he made no effort to flee,” Cohen said.

Following the agreement of the bond, Bankman-Fried was seen leaving the court and entering a car.

Former FTX chief executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, walks from the Manhattan federal court after securing bail in New York City, U.S. December 22, 2022. REUTERS/Jeenah Moon
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Bankman-Fried leaving court

‘Impossible to hide’

Wearing a grey suit and leg restraints, Bankman-Fried sat flanked by his lawyers and nodded when the judge informed him that if he fails to appear in court, a warrant would be issued for his arrest.

He spoke only when asked by Gorenstein whether he understood the conditions of his release, and that he could be charged with an additional crime if he fails to show up to court.

“Yes I do,” Bankman-Fried replied.

His next court date has been set as 3 January 2023. Bankman-Fried also faces electronic monitoring and a ban on opening new lines of credit or businesses.

He said Bankman-Fried had “achieved sufficient notoriety that it would be impossible” for him to hide without being recognised or engage in further financial schemes.

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FTX arrest: How did we get here?

Down to his ‘last $100,000’

Concerns about the co-mingling of funds between FTX and Bankman-Fried’s hedge fund first became apparent in November and led to a flurry of customer withdrawals.

On 11 November, the former “crypto king”, as many in the media have labelled him, said he was down to his last $100,000.

Just hours after Bankman-Fried’s plane from The Bahamas took off, Damian Williams, the top federal prosecutor in
Manhattan, announced that two of Bankman-Fried’s closest associates – former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang – had pleaded guilty and were cooperating with prosecutors.

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Trump says he hopes to get ‘prime territory’ back for Ukraine as he prepares for Putin summit

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Trump says he hopes to get 'prime territory' back for Ukraine as he prepares for Putin summit

Donald Trump has said he would try to return territory to Ukraine as he prepares to meet Vladimir Putin and lay the groundwork for a deal to bring an end to the war.

“Russia has occupied a big portion of Ukraine. They’ve occupied some very prime territory. We’re going to try and get some of that territory back for Ukraine,” the US president said at a White House news conference ahead of Friday’s summit in Alaska.

Mr Trump also said: “There’ll be some land swapping going on. I know that through Russia and through conversations with everybody, to the good of Ukraine.”

He said he’s going to see what Mr Putin “has in mind” to end the three-and-a-half-year full-scale invasion.

Donald Trump speaks to reporters at the White House. Pic: Reuters
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Donald Trump speaks to reporters at the White House. Pic: Reuters

And he said if it’s a “fair deal,” he will share it with European and NATO leaders, as well as Volodymyr Zelenskyy, who have been liaising closely with Washington ahead of the meeting.

Asked if Mr Zelenskyy was invited to the summit with Mr Putin in Alaska, Mr Trump said the Ukrainian leader “wasn’t a part of it”.

“I would say he could go, but he’s gone to a lot of meetings. You know, he’s been there for three and a half years – nothing happened,” Mr Trump added.

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The US president said Mr Putin wants to get the war “over with” and “get involved” in possible talks but acknowledged Moscow’s attacks haven’t stopped.

“I’ve said that a few times and I’ve been disappointed because I’d have a great call with him and then missiles would be lobbed into Kyiv or some other place,” he said.

Mr Trump said he will tell Mr Putin “you’ve got to end this war, you’ve got to end it,” but that “it’s not up to me” to make a deal between Russia and Ukraine.

Vladimir Putin is set to meet Donald Trump in Alaska. Pic: Reuters
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Vladimir Putin is set to meet Donald Trump in Alaska. Pic: Reuters

Zelenskyy says Russia ‘wants to buy time’

Ukrainian President Volodymyr Zelenskyy has said Russia “wants to buy time, not end the war”.

“It is obvious that the Russians simply want to buy time, not end the war,” he wrote in a post on X, after a phone call with Canada’s Prime Minister Mark Carney.

Ukrainian President Volodymyr Zelenskyy. Pic: Reuters
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Ukrainian President Volodymyr Zelenskyy. Pic: Reuters

“The situation on the battlefield and Russia’s wicked strikes on civilian infrastructure and ordinary people prove this clearly.”

Mr Zelenskyy said the two “agreed that no decisions concerning Ukraine’s future and the security of our people can be made without Ukraine’s participation”, just as “there can be no decisions without clear security guarantees”.

Sanctions against Russia must remain in force and be “constantly strengthened,” he added.

European leaders meet ahead of call with Trump

Meanwhile, European officials have been holding meetings ahead of a phone call with Mr Trump on Wednesday.

The European Union’s foreign policy chief, Kaja Kallas, has been speaking to foreign ministers virtually, saying on X that work “on more sanctions against Russia, more military support for Ukraine and more support for Ukraine’s budgetary needs and accession process to join the EU” is under way.

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‘Russians want to carry on fighting’

Over the weekend, European leaders released a joint statement, welcoming Mr Trump’s “work to stop the killing in Ukraine”.

“We are convinced that only an approach that combines active diplomacy, support to Ukraine and pressure on the Russian Federation to end their illegal war can succeed,” read the statement.

It was signed by UK Prime Minister Sir Keir Starmer, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, German Chancellor Friedrich Merz, Polish Prime Minister Donald Tusk, Finland’s President Alexander Stubb, and European Commission President Ursula von der Leyen.

“We underline our unwavering commitment to Ukraine’s sovereignty, independence and territorial integrity,” they said.

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Attacks continue

Despite Donald Trump’s efforts to convince Vladimir Putin to commit to a ceasefire and negotiations, Russian attacks on Ukraine have only intensified in the past few months.

Ukraine’s president has said that, in the past week, Russia launched more than 1,000 air bombs, nearly 1,400 drones and multiple missile strikes on Ukraine.

On 9 July, Russia carried out its largest aerial attack on Ukraine since the start of the war, launching more than 740 drones and missiles, breaking its records from previous weeks.

Furthermore, Mr Zelenskyy has said Russia is preparing for new offensives.

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Trump gaffe reveals how central Putin is to his narrative – with Zelenskyy left out in the cold

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Trump gaffe reveals how central Putin is to his narrative - with Zelenskyy left out in the cold

And then there were two.

It will be a Trump-Putin bilateral summit in Alaska.

Ukraine latest: Trump details talks with Putin

The US president has ruled out a trilateral meeting including Volodymyr Zelenskyy and is framing the talks as low stakes.

He described it as a “feel out” meeting “to see what the parameters” are, and stressed “it’s not up to me to make a deal.”

A strategic preemption perhaps, setting expectations low, and preparing the public for failure.

But he remains wedded to the notion that “land swapping” will shape any deal to end the war in Ukraine.

“Good stuff” and “bad stuff” for both sides, he said, positioning himself as the pragmatic mediator between the two.

He expressed irritation with Mr Zelenskyy’s assertion that he doesn’t have the constitutional power to concede land, though did say he hopes to get “prime territory” back for Ukraine.

Volodymyr Zelenskyy will not be attending the summit. Pic: AP
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Volodymyr Zelenskyy will not be attending the summit. Pic: AP

The dealmaker-in-chief

Mr Trump promised to brief the Ukrainian president and European leaders immediately after his meeting with Mr Putin.

And he voiced confidence in his ability to quickly assess the potential for a deal, boasting his business acumen.

“At the end of the meeting, probably the first two minutes, I’ll know exactly whether or not a deal can be made,” he said.

Asked how he would know, he replied: “That’s what I do, make deals.”

Members of his cabinet nodded in approval.

Read more:
Why Trump will have a lot of ice to break

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Putin ‘wants war to be over’

A law-and-order crackdown in the US capital seems timed to bolster his diplomatic stance.

He branded crime in Washington “a national emergency”, took federal control of police and deployed the National Guard.

It may seem strange that Mr Trump is talking about “taking back” Washington, ahead of a rare summit with Mr Putin.

But he’s positioning himself as bold and uncompromising before he faces a man deemed bold and uncompromising.

A telling gaffe

And he conflated the two, saying: “This is a tragic emergency, and I’m going to see Putin, I’m going to Russia on Friday.”

He isn’t going to Russia. He’s going to Alaska. But that gaffe revealed how central Mr Putin is to his narrative, even domestically.

Vladimir Putin has been reluctant to meet his Ukrainian counterpart. Pic: Sputnik/Reuters
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Vladimir Putin has been reluctant to meet his Ukrainian counterpart. Pic: Sputnik/Reuters

Mr Putin wants to lock in the gains Russia has made since invading Ukraine, while Mr Trump presses for a ceasefire.

But it’s hard to envisage any ice-breaking peace deal emerging from Friday’s summit in Alaska.

How could there be when Mr Zelenskyy is out in the cold?

For now, this is a Trump-Putin power play.

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Donald Trump will deploy National Guard troops to Washington DC to ‘re-establish law and order’

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Donald Trump will deploy National Guard troops to Washington DC to 're-establish law and order'

Donald Trump has announced he is going to deploy National Guard troops to Washington DC to make the US capital’s streets safer.

At a White House news conference on Monday, the president said the city’s police would come under federal control as he said the murder rate in DC was “higher than” in some of the “worst places on earth”.

He said he was sending in the troops to “re-establish law, order, and public safety”.

Members of the National Guard outside the US Capitol. File Pic: AP
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Members of the National Guard outside the US Capitol. File Pic: AP

Mr Trump said he was announcing a “historic action to rescue our nation’s capital from crime, bloodshed, bedlam and squalor and worse.

“This is liberation day in DC and we are going to take our capital back.”

The president continued: “So today we are declaring a public safety emergency in the district of Columbia.”

He added it is not just about safety but also the “beautification” of the city.

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“Washington DC should be one of the safest, cleanest and most beautiful cities anywhere in the world and we’re going to make it that.”

Last week, the Republican president directed federal law enforcement agencies to increase their presence in Washington for seven days, with the option “to extend as needed”.

A member of the National Guard patrols the area outside of the US Capitol in 2021.
File pic: AP
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A member of the National Guard patrols the area outside of the US Capitol in 2021.
File pic: AP

On Friday night, federal agencies including the Secret Service, the FBI and the US Marshals Service assigned more than 120 officers and agents to assist in Washington.

National Guard troops usually belong to individual states and personnel in many cases are trained to help with emergencies that those states have to deal with, such as natural disasters.

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Since they are the reserve force of the US military, National Guard troops are usually part-time, meaning that they have other jobs as well.

Minority leader of the US House of Representatives, Hakeem Jeffries, responded to Mr Trump’s announcement on Monday with a post on X which read: “Violent crime in Washington, DC is at a thirty-year low.

“Donald Trump has no basis to take over the local police department. And zero credibility on the issue of law and order.

“Get lost.”

In a social media post on Sunday, Mr Trump emphasised the removal of Washington’s homeless population, though it was unclear where the thousands of people would go.

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“The Homeless have to move out, IMMEDIATELY,” Mr Trump wrote.

“We will give you places to stay, but FAR from the Capital. The Criminals, you don’t have to move out. We’re going to put you in jail where you belong.”

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