FTX founder Bankman-Fried Allowed $250M Bond, House Arrest

New York, NY(AP)…The cryptocurrency entrepreneur Sam Bankman-Fried can post a $250 million bond and live in his parents’ California home while awaiting trial on charges that he swindled investors and looted customer deposits on his FTX trading platform, a judge said Thursday.

Assistant U.S. Attorney Nicolas Roos said in U.S. District Court in Manhattan that Bankman-Fried, 30, “perpetrated a fraud of epic proportions.” Roos proposed strict bail terms, including a $250 million bond — which he said is believed to be the largest federal pretrial bond ever — and house arrest at his parents’ home in Palo Alto, California.

An important reason for allowing bail was that Bankman-Fried agreed to waive extradition, Roos said. Bankman-Fried was expected to be freed Thursday.

Click on the above image for the full article from the AP