FTX founder Bankman-Fried permitted $250M bond with home arrest

By The Exchange Team

Sam Bankman-Fried, the crypto entrepreneur, can pay $250M bond and live in his parents' California house while awaiting trial, a judge said.

In Manhattan federal court, Assistant U.S. Attorney Nicolas Roos claimed Bankman-Fried, 30, "perpetrated a scam of enormous proportions."

Roos proposed strict bail conditions, including a $250M bond and house arrest in Palo Alto, California, at his parents' home.

As per Roos, one of the main reasons for allowing bail was that Bankman-Fried agreed to waive extradition.

Magistrate Judge Gabriel W. Gorenstein approved the bond and the house arrest proposal.

He also stated Bankman-Fried would need an electronic surveillance device before exiting the Manhattan courthouse.

Bankman-Fried, arrested in the Bahamas last week, was flown to New York late Wednesday after declining extradition.