Sam Bankman-Fried Said to Be in Talks With Prosecutors Over Bail Deal
Sam Bankman-Fried’s legal team is discussing a deal with federal prosecutors that could allow the disgraced cryptocurrency mogul to be released on bail when he is extradited to the United States, according to three people with knowledge of the matter.
The terms of the deal remain fluid, the people said, and any agreement would require approval from the federal judge overseeing Bankman-Fried’s case. But under the terms that have been discussed, the founder of collapsed cryptocurrency exchange FTX could be granted bail with highly restrictive conditions, including home detention, two of the people said. One person said electronic monitoring was also under discussion. It wasn’t clear what other measures might be required.
Prosecutors in the Southern District of New York have charged Bankman-Fried, 30, with fraud, accusing him of orchestrating a yearslong scheme that culminated in the bankruptcy of FTX. The company was based in the Bahamas, and Bankman-Fried is currently jailed there awaiting extradition to the United States.
A spokesperson for the Southern District of New York declined to comment on any bail discussions. Mark Cohen, a lawyer for Bankman-Fried in New York, did not respond to a request for comment.
Fox News earlier reported some details of the bail discussions.
The charges against Bankman-Fried arrived at the end of a saga in which one of the world’s most powerful crypto billionaires went from an industry titan to an accused fraudster and saw his fortune vanish. Before FTX collapsed, Bankman-Fried was a frequent presence in the halls of Congress, where he was pushing legislation to make the United States friendlier to the crypto industry. FTX’s fall has given the crypto industry a black eye and it is already being
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