By: Brayden Yee
FTX founder Sam Bankman-Fried was released on a $250 million bond, meaning that he must pledge to appear in court or else his assets may be seized. This comes after he was extradited from the Bahamas to face fraud charges related to the collapse of his cryptocurrency network. SBF faces multiple charges, including wire fraud, and money laundering to which he faces up to 115 years in prison.
The disgraced founder of FTX is portraying the collapse of the network as an accident, however his journey to get off without consequence is looking increasingly more dim. Co-founder of FTX Gary Wang, and former CEO of Alameda Research Caroline Ellison have been released on bond after pleading guilty to charges of fraud, and agreeing to cooperate in the investigation of FTX. This means that Wang and Ellison will provide information about what led to the collapse of FTX, potentially dooming SBF’s argument about it all being an accident.
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