FTX founder Bankman-Fried to be released on $250M bond

A Southern District of New York judge agreed to release Sam Bankman-Fried on a $250 million bond as the FTX founder awaits trial on federal charges alleging wire fraud, money laundering and campaign finance violations.

The 30-year-old former crypto executive is being released to his parents’ home in Palo Alto, Calif. Bankman-Fried will also be subject to location monitoring and will have to surrender his passport.

The terms of his release were confirmed by a spokesman for the U.S. Attorney's Office in Manhattan.

Federal prosecutors and civil regulators filed charges last week that Bankman-Fried and his accomplices perpetrated a multiyear fraud that stole billions of dollars from investors and FTX customers.

On Wednesday night, U.S. Attorney Damian Williams announced that two key members of the former billionaire’s inner circle — Caroline Ellison and Gary Wang — had pleaded guilty to criminal charges and were cooperating with prosecutors as part of an investigation into FTX’s collapse.

The Securities and Exchange Commission and Commodity Futures Trading Commission have also filed charges against Bankman-Fried, Ellison and Wang.

The SEC’s case includes allegations that they participated in a scheme to pump up the price of FTT — a digital token native to the FTX exchange — which the agency has identified as an investment security.