FTX's Sam Bankman-Fried, now in US, will be released on $250 million bond

He will be released to home detention and have his location monitored.

Published: December 22, 2022 1:45pm

Updated: December 22, 2022 2:16pm

Sam Bankman-Fried, founder of the defunct cypto exchange FTX, will be released on $250 million bond as he awaits trial for charges related to fraud, a federal judge said Thursday.

Before leaving the Manhattan courthouse, Bankman-Fried will need to get an electronic monitoring bracelet, Magistrate Judge Gabriel W. Gorenstein said, The Associated Press reported. He will be able to live in his parents' California home until his trial for eight criminal charges, including wire fraud and conspiracy.

Bankman-Fried, 30, will be required to surrender his passport, Reuters reported.

Assistant U.S. Attorney Nicolas Roos said Bankman-Fried "perpetrated a fraud of epic proportions" and a reason for bail was that he agreed to extradition.

Bankman-Fried was flown to New York after he decided Wednesday to not challenge his extradition from the Bahamas.