Disgraced crypto entrepreneur Sam Bankman-Fried, accused of misappropriating money in the amount of billions, is back on U.S. soil from the Bahamas and just on Thursday, free on bond.
He will spend the rest of his days until trial in Palo Alto where he’ll be on house arrest at his parents home on the Stanford campus.
Bankman-Fried, or SBF as he is also known as, was released from federal custody in New York wearing an ankle monitor.
He’s awaiting trial on fraud charges for misusing $8 billion deposited into FTX -- the now-collapsed crypto currency exchange he co-founded.
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“Doesn’t surprise me since it’s unregulated and really has no oversight,” said Thom Glielmi, who also lives on the Stanford campus.
SBF posted a $250 million recognizance bond co-signed by his parents and secured by their home at Stanford.
Prosecutors say it’s the largest ever pre-trial bond they were aware of, but legal analyst Danny Cevallos reminds us, "He's not free. He's on house arrest. Which is essentially jail, just jail at home."
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SBF’s top business partners pleaded guilty to fraud charges and are cooperating with the investigation.
“Hopefully they’ll be laws and guidelines for how crypto is supposed to function,” said Glielmi.
SBF’s next court date is set for Jan. 3 where he’ll enter his plea and be arranged.
