The story of Sam Bankman-Fried is a disturbing one indeed. The latest chapter in the head of the FTX crypto exchange features a massive bond deal that lets him out of jail. At least until his trial. What had to happen to get that bail bond established is nothing short of jaw-dropping.
Officials didn’t require Bankman-Fried to enter a plea. However, he was required to post bond of $250 million in order to be let out. Assistant U.S. Attorney Nicholas Roos also called for Bankman-Fried to submit to not only home detention but also have his passport seized, and his location monitored.
The judge in the case, U.S. Magistrate Gabrial Gorenstein, approved the proposal but added to it, requiring both mental health treatment and an evaluation from there. Bankman-Fried suffers from depression and takes medication to support that condition. Thus, that’s not so far out of line.
As for where the money came from for the massive bond package, it didn’t come from Bankman-Fried himself. Reports noted that he has just $100,000 to his name. His parents stepped in on that one, offering up the equity in their home to cover the costs. Nicholas Roos, meanwhile, considered that the single largest pre-trial bond ever seen. Bankman-Fried’s lawyer Mark Cohen, meanwhile, noted that Bankman-Fried’s flight risk was comparatively minimal. That’s thanks to the media coverage and the fact that the world would recognize him readily.