Disgraced ‘crypto king’ Sam Bankman-Fried released on $250m bail – the largest in pre-trial history
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.
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.
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.
The King has written to former US president Joe Biden after he was diagnosed with an aggressive form of prostate cancer, Buckingham Palace said
The monarch, who is undergoing his own treatment for an undisclosed cancer, hosted the 82-year-old for tea and talks at Windsor in July 2023.
Mr Biden was diagnosed on Friday, with tests revealing the cancer had spread to his bones.
The former president posted an image of himself and his wife Jill on X on Monday and wrote: “Cancer touches us all. Like so many of you, Jill and I have learned that we are strongest in the broken places. Thank you for lifting us up with love and support.”
The King and Joe Biden at Windsor Castle in July 2023. Pic: Reuters
The King’s letter comes after British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
Meanwhile US President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Read more: Biden diagnosed with ‘aggressive’ form of prostate cancer
Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
After a poor debate performance against Mr Trump and amid escalating concerns around his age and fitness to serve, Mr Biden withdrew from the 2024 presidential election race and endorsed his vice president Kamala Harris.
Ms Harris wrote on X after his diagnosis: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
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Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
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Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media that he and his wife were “united in prayer for the Biden Family during this difficult time”.
Politicians have sent messages of support to Joe Biden, who has been diagnosed with prostate cancer.
The 82-year-old, who is the oldest person to ever serve as US president, was described as a “fighter” with people wishing him a “fast and full recovery”.
US President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Read more: Biden diagnosed with ‘aggressive’ form of prostate cancer
Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
After a poor debate performance against Mr Trump and amid escalating concerns for his health, Mr Biden withdrew from the 2024 election and endorsed his vice president Kamala Harris.
Ms Harris wrote on X: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
Please use Chrome browser for a more accessible video player
Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House Of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
Read more from Sky News:
UK and EU sign reset deal – live updates
Gary Lineker to leave BBC next week
Listen to The World with Richard Engel and Yalda Hakim every Wednesday
Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media he and his wife were “united in prayer for the Biden Family during this difficult time”.
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