Ex-Crypto CEO Bankman-Fried released after securing N111B bail

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Former FTX Crypto boss Sam Bankman-Fried has been relaxed after securing a a $250 million(N111bn) bond package on Thursday.

The crypto enthusiast is set to face trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a “fraud of epic proportions.”

Bankman-Fried is accused of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research.

U.S. Magistrate Judge Gabriel Gorenstein set Bankman-Fried’s next court date for Jan. 3, 2023, before U.S. District Judge Ronny Abrams, who will handle the case.

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Recall the founder’s net worth dropped to nothing following the bankruptcy of his company.



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