Sam Bankman-Fried is to be released on a $250 million bail. The community calls it a mockery of the American judicial system.
The disgraced founder of the FTX exchange will be released from prison for a $250 million bond. The prosecutors have termed this bail as “the largest-ever pretrial bond.” He will explicitly stay under strict supervision at his parents’ home in California, according to a CNBC article.
Earlier this Wednesday, the authorities extradited Sam Bankman-Fried from the Bahamas to the United States.
Sam Bankman-Fried to be Released Under a $250 Million Bond
The authorities secured a bond worth $250 million for the release of Sam Bankman-Fried. The disgraced founder’s parents signed the bond by keeping equity in their family house as collateral.
Under the bond conditions, SBF will have to wear a monitoring bracelet and attend mental health counseling. Furthermore, he cannot travel outside the Northern District of California. Additionally, Bankman-Fried will have to appear in court hearings regularly. The next hearing is scheduled on Jan. 3 in New York.
The court’s decision disappointed the community, and they called it a mockery of the American judicial system. At the same time, it is worth noting that Sam Bankman-Fried claimed to have only $100,000 at his disposal.
The Luxurious Prison Experience in the Bahamas
After the arrest, Sam Bankman-Fried spent the duration of his detainment at Fox Hill, a correctional facility on the outskirts of Nassau. A 2021 U.S. State Department report claimed prisoners suffer from overcrowding, poor nutrition, and inadequate sanitation.
But despite that, a Bloomberg article states that Sam Bankman-Fried lived in luxury at the Bahamas prison. Unlike other prisoners, SBF had facilities like Television, vegan food, Crossword Puzzles, and Air Conditioning.
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