Sam-Bankman Fried to be released on $250 million bail and will be required to stay with parents ahead of FTX trial
As Bankman-Fried arrived in the US, Damien Williams, the US Attorney for the Southern District of New York,that two of Bankman-Fried's associates, Caroline Ellison and Gary Wang, pleaded guilty to fraud charges stemming from the FTX scandal and agreed to cooperate with prosecutors.
Prosecutors allege Bankman-Fried"orchestrated a years-long fraud" to hide from investors that he diverted funds from the FTX cryptocurrency exchange to Alameda Research, a hedge fund he also controlled. Criminal allegations against Ellison and Wang, first filed on December 19, were unsealed in court on Thursday morning ahead of Bankman-Fried's court appearance.
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