The former CEO of FTX is languishing under house arrest!


 "It's okay to be under house arrest, you can spend time with your family."

FTX's former Chief Executive Officer (CEO) Sam Bankman-Fried (SBF) who is often cited by many investors was released on $250 million bond after appearing in Manhattan federal court on Thursday.

While SBF is also reported to have been under house arrest in Palo Alto shared with his father, Joseph Bankman and his mother Barbara Fried, Stanford University Law professor.

The move came after Bahamian authorities handed over the 30-year-old SBF to US officials on Wednesday.

It was informed that a decision was made by Judge Gabriel Gorenstein of the United States (US) District Court that saw SBF leave his residence in the Bahamas to be tried on several charges.

Among his list of offenses are wire fraud, conspiracy, money laundering and campaign finance violations, for which he is expected to be sentenced to 115 years in prison.

Prosecutors also mentioned that SBF was only allowed to leave the house for exercise, mental health care and drug abuse treatment, but was prohibited from making transactions over $1,000.

According to Assistant US Attorney Nick Roos, SBF was ordered to attend a pre-trial service on Friday at 10 a.m. in the Northern District of California.

Please note that the value of FTX dropped from $32 billion to $1 billion following token holder FTT selling some of its assets following rumors that SBF used customer deposits to fund Alameda Research's investment bet.