Sam Bankman-Fried to be released on $250M bond, stay under house arrest

FTX co-founder and former CEO, Sam Bankman-Fried will be released on posting bond of $250M and will be allowed to live in his parents' house in California while waiting for his trial on charges of fraud, the Associated Press reported Thursday. Assistant U.S. Attorney Nicolas Roos had proposed the bail terms and alleged that Bankman-Fried "perpetrated a fraud of epic proportions." Magistrate Judge Gabriel W. Gorenstein, who agreed to the bond and the house arrest proposal, said Bankman-Fried will be required to get an electronic monitoring bracelet before leaving the Manhattan courthouse. Bankman-Fried was arrested in the Bahamas 10 days ago, after the U.S. filed criminal charges against him. On Wednesday, he waived his right to fight extradition to the U.S. and flew back to the U.S. accompanied by FBI agents and the U.S. Marshals Service. While Bankman-Fried was en route to the U.S. from the Bahamas, two of his associates at his hedge fund Alameda Research pled guilty and cooperated with the U.S. Attorney for the Southern District of New York in the case against Bankman-Fried.