Saudi Press

Saudi Arabia and the world
Tuesday, Jul 22, 2025

No, Sam Bankman-Fried and his parents didn't just shell out $250 million for bail. Here's how it works.

No, Sam Bankman-Fried and his parents didn't just shell out $250 million for bail. Here's how it works.

Sam Bankman-Fried was released on a $250 million bail after a hearing on Thursday in New York federal court, where he is facing serious criminal charges over the collapse of his crypto exchange FTX. 
In granting what a federal prosecutor in the case called the "largest-ever" pretrial bond, Judge Gabriel Gorenstein required Bankman-Fried to hand over his passport and agree to be monitored and generally confined to his parents' Palo Alto home. 

There were exceptions for "medical, substance abuse, or mental health treatment," and necessary events Bankman-Fried would need to attend, like court dates, according to the bond agreement filed in court. 

Such large bail amounts don't necessarily have to be paid out — but they need to be secured in some way, to provide assurance that a defendant won't violate its terms. In this case, Bankman-Fried's parents' home in Palo Alto offers such a security, along with types of collateral posted by others who weren't named in the filing. 

Bankman-Fried previously said in media interviews last month that he had seen just about $100,000 in his account at the time. 

The value of the home in question doesn't necessarily need to correlate to the value of the bail amount — its function is to provide assurance that a defendant will comply with the conditions of their release. 

"These amounts are often just numbers — sometimes defendants will sign bonds in the amount of hundreds of thousands of dollars when everyone knows they don't have a penny to their name," said Andrey Spektor, a white collar partner at Bryan Cave Leighton Paisner LLP, and a former federal prosecutor in Brooklyn. 

A representative for Bankman-Fried declined to comment on the bail hearing. 

Bankman-Fried's former associates, including ex-girlfriend and former Alameda CEO Caroline Ellison, and FTX co-founder Gary Wang, have also been released on bond after pleading guilty to their roles in the alleged schemes. 

They were both each asked to submit to a $250,000 bond — a much smaller amount than imposed on Bankman-Fried — and generally instructed to stay within the "continental United States," according to their plea agreements.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
×