Beijing time:2022-12-23 04:11
[New Tang Dynasty News, Beijing time, December 23, 2022]The FTX case of the virtual currency exchange is called the largest financial fraud case in the history of the United States. On December 22, the judge approved the founder of FTX to be released on bail for $250 million.
The founder is accused of illegally embezzling a large amount of funds from customers on the FTX exchange to invest in real estate, pay for his lavish life, and pay millions of dollars in political contributions to Democratic politicians.
Assistant U.S. Attorney Nicolas Roos for the U.S. District Court in Manhattan, New York, said Thursday that Sam Bankman-Fried, 30, could be released on $250 million bail to travel to the U.S. He spent Christmas and New Years together at his parents’ house in Palo Alto, California. There were conditions attached to the bail, stipulating that Bankman-Fred would not leave his parents’ house while on bail.
Ruth said the court’s decision was made in good faith as a reward for Bankman-Fred’s cooperation with the judiciary earlier this week in agreeing to be extradited from the Bahamas to the United States to stand trial.
Manhattan District Judge Gabriel W. Gorenstein confirmed that Bankman-Fred could apply for bail. He said that Bankman-Fred needs to wear an electronic monitor during his bail so that the judiciary can confirm that he has been staying at his parents’ home.
Bankman-Fred flew from the Bahamas to New York on Dec. 21. While he was still on the plane, U.S. prosecutors announced that two of his closest business associates had pleaded guilty.
Carolyn Ellison, 28, is the former CEO of Alameda Research, another of Bankman-Fred’s trading firms, and Gary Wang, 29, Wang) is the co-founder of FTX. The pair have pleaded guilty to wire fraud, securities fraud and merchandise fraud.
Prosecutor Damian Williams (Damian Williams) said that both Alison and Wang agreed to cooperate with prosecutors in taking evidence. Williams appealed in a recorded video: “If you have participated in the misconduct of FTX or Alameda, now is the time to act. We act fast. Our patience will not last forever.”
FTX was established in 2019. Thanks to the prosperity of the virtual currency market, FTX soon became the busiest virtual currency exchange in the world. After a run on FTX in November this year and the declaration of bankruptcy, Bankman-Fred was found to have withdrawn funds from the accounts of FTX users over the past three years, transferred them to Alameda Research for market operations, and transferred the money of these customers Treat it as your own funds, invest, consume, and court the politicians of the Democratic Party.
If convicted, Bankman-Fred could face decades in prison.
(Reporter Ren Hao compiles the report/Responsible editor: Lin Qing)
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