Sam Bankman-Fried, the former chief executive officer (CEO) of bankrupt cryptocurrency exchange FTX, has been released from police custody on a $250 million bond.
The bond is reported to be the highest amount ever set by a judge in the U.S. However, Bankman-Fried was not required to meet the full collateral requirements of the bail.
The bond was secured by equity in his parent’s home, and by the signatures of his parents and two other individuals who were said to have “considerable assets.”
Bankman-Fried will live with his parents while awaiting trial for fraud and other criminal charges.
The 30-year-old’s next court date is scheduled for January 3 in New York City, where he’ll enter his plea and be arraigned.
His parents, both Stanford University legal professors, live in Palo Alto, California.
Bankman-Fried is also required to wear an electronic monitoring bracelet, submit to mental health counseling, and restrict himself to travel in the Northern District of California and the Southern and Eastern Districts of New York.
The former FTX CEO is also barred from opening any new lines of credit of more than $1,000 while awaiting trial over what federal regulators have called a “brazen fraud” at the FTX crypto exchange.
Federal regulators allege over $8 billion U.S. in customer funds is missing. FTX filed for bankruptcy protection on November 11 of this year.
Two of Bankman-Fried’s top executives, Caroline Ellison and Gary Wang, have pleaded guilty to related fraud charges and are cooperating with prosecutors in the case.
