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Two Stanford employees helped ex-FTX CEO Sam Bankman-Fried secure bail

San Francisco, Feb 16 (IANS) Stanford research scientist Andreas Paepcke paid $200,000 and former Stanford Law School dean Larry Kramer put up $500,000 to help former crypto exchange FTX founder and CEO Sam Bankman-Fried get bail.

Bankman-Fried is currently living with his parents in California, thanks to a $250 million bail secured by his parent’s home as well as two people who had been kept anonymous, reports The Verge.

Now, the judge at District Court for the Southern District of New York has granted the motion to unseal the documents of his bail.

Bankman-Fried was arrested in the Bahamas on December 12 and extradition to the US on December 21.

He was released on $250 million bond and reappeared in the court on January 3.

Bankman-Fried has pleaded not guilty to fraud and money laundering charges.

As part of the bond agreement, Bankman-Fried will wear an “electronic monitoring bracelet” and submit to “mental health counselling” amid restrictions on travelling out of the city.

Two close friends of the former FTX CEO have also pleaded guilty to federal charges.

Caroline Ellison and Zixiao “Gary” Wang, two executives in the bankrupt crypto exchange FTC, pleaded guilty.

The guilty pleas were related to their roles as insiders at FTX and its sister company Alameda Research.



Agency News Desk
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