FTX founder Sam Bankman-Fried is accused of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research.
Federal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in customer funds to plug losses at his hedge fund,Bankman-Fried 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 defense lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court.
In granting him pretrial release, Gorenstein said Bankman-Fried had “achieved sufficient notoriety that it would be impossible” for him to engage in further financial schemes or to hide without being recognized. Roos said that while Bankman-Fried had carried out a “fraud of epic proportions,” he had no history of flight and his financial assets had reduced significantly.
Bankman-Fried said at a New York Times conference on November 30, following the exchange’s collapse, that he had $100,000 in his bank account.Wearing 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. Gorenstein said conditions also included electronic monitoring via a device to be fitted before he left court, and a ban on opening new lines of credit or businesses.
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