FTX's Bankman-Fried released on stringent bail terms

Reuters Videos

Updated 22 December 2022 at 2:58 pm

STORY: 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.

Nicolas Roos, a prosecutor, told U.S. Magistrate Judge Gabriel Gorenstein that the bail package would require Bankman-Fried to surrender his passport and remain in home confinement at his parents' home in Palo Alto, California. He would also be required to undergo regular mental health treatment and evaluation.

Roos called the package the "largest ever pretrial bond."

A chaotic scene greeted the former CEO outside a Manhattan federal court after he agreed to the terms of his monitored release. Agents escorting him briefly put him in the wrong vehicle, before guiding him through a mob of reporters and cameras toward a second car.

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