FTX fallout: SBF trial could set precedent for the crypto industry

FTX fallout: SBF trial could set precedent for the crypto industry


After the collapse of major cryptocurrency exchange FTX in November 2022, former CEO Sam “SBF” Bankman-Fried was arrested by Bahaman authorities on Dec. 12. Just a day later, the United States Securities and Exchange Commission and Commodity Futures Trading Commission filed charges against him for allegedly defrauding investors and violating securities laws.

On Dec. 22, Bankman-Fried was granted bail on a $250 million bond paid by his parents against the equity in their house. The bail order added that he would require “strict pretrial supervision,” including mental health treatment and evaluation. The former CEO faces eight criminal counts in the United States, which could result in 115 years in prison if convicted.

Bankman-Fried had been under house arrest at his parent’s home in California since Dec. 22

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