Founder of ill-fated cryptocurrency platform FTX, Sam Bankman-Fried is confined to his parents’ home in Palo Alto (California) before the start of the trial in New York, where he is accused of fraud, in exchange for a payment of 250 million dollars.

The judge handling the case against the young businessman, who made his first appearance in a US court today after being extradited, agreed. Bahamas Islandswhere he lived.

during house arrest, Bankman-Fried will use a location system to monitor its location.

In addition, your passport will be removed and you will receive both Psychological treatment As for drug use, The New York Times reports.

during your imprisonment, The defendant cannot spend more than $1,000 without the consent of the prosecutor’s office.

The former chief executive has already begun negotiations with the US government in the Bahamas to surrender himself to justice and accept extradition in exchange for not going to jail, as various media outlets have been leading the charge.

The founder of FTX arrived in New York on Wednesday night to stand trial on multiple charges brought against him by US authorities following his company’s bankruptcy filing. 32000 million dollars.

Bankman-Fried in the Bahamas said it agreed to his extradition in part because it “wanted to compensate customers who were harmed” by the bankruptcy of FTX, which filed for bankruptcy on Nov. 11 after a rapid collapse left many customers stranded. Withdrawal of funds in light of reports questioning the company’s solvency.

He is also among the crimes charged against him Wire fraud, money laundering and violations of financing laws political campaigns.

The FTX creator’s return comes just as two of his partners pleaded guilty to fraud, among other crimes, Manhattan U.S. Attorney Damian Williams said Wednesday.

Carolyn Ellison, the former CEO of Alameda Research, a company founded by Bankman-Fried that was the investment arm of FTX, and FTX co-founder Gary Wang pleaded guilty to charges related to “their role in the fraud that contributed to the collapse of the company.” company, Williams said in the video.

Williams added that the two are cooperating in his investigation into a “massive fraud project” allegedly led by the cryptocurrency guru that contributed to the company’s spectacular collapse that wreaked havoc on the industry.

According to EFE

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