Sam Bankman-Fried, FTX founder, granted $250 million bond release.

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has been released on a $250 million personal recognizance bond secured by the California home of his parents.

Bankman-Fried, a 30-year-old crypto executive, appeared in a New York federal court on Thursday after being extradited from the Bahamas, where he was arrested last week.

He is facing charges of defrauding customers and investors in FTX, as well as committing fraud, conspiracy, and campaign finance violations related to tens of millions of dollars in political donations.

During the brief hearing, Bankman-Fried did not enter a plea and appeared in a dark suit and tie with his distinctive mop of curly hair.

Shackles were not visible around his ankles, but could be heard echoing through the courtroom as he entered. Both of his parents, former Stanford Law professors, were present in the gallery.

In addition to the bond, Bankman-Fried’s passport has been seized and his travel restricted, and he will be required to wear an ankle bracelet to monitor his movements.

He is also prohibited from opening new lines of credit or conducting financial transactions in excess of $1,000 without court approval.

According to the indictment against him, Bankman-Fried stole $8 billion from FTX investors and customers and used the funds to pay debts and expenses of his privately held hedge fund, Alameda Research. He also allegedly used the money to purchase lavish real estate and make political donations to Democrats and Republicans as he sought influence in Washington.

Assistant US Attorney Nicholas Roos described Bankman-Fried as having perpetrated “a fraud of epic proportions”, and stated that the evidence against him was “very strong”.

In addition to the criminal charges, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have filed related civil charges against Bankman-Fried’s ex-girlfriend, Caroline Ellison, and FTX co-founder Gary Wang.

The agencies accuse Ellison and Wang of playing an “active role” in the alleged scheme, and have charged them with fraud and conspiracy. Both Ellison and Wang have pleaded guilty to the charges and agreed to cooperate with prosecutors, which could significantly strengthen the case against Bankman-Fried.

FTX, which was once one of the largest cryptocurrency exchanges in the world, was founded by Bankman-Fried as an advocate for transparency in the crypto industry.

However, the indictment against him alleges that he was a fraud from the moment he founded the company, and that he used it to steal billions of dollars from investors and customers.

The company has since gone bankrupt, and its new CEO, John Ray, has testified before a House committee that FTX lacked corporate controls to an extent he had never witnessed, describing the company’s conduct as “old-fashioned embezzlement”.

Bankman-Fried is due to appear in court again on January 3 before Judge Ronnie Abrams, to whom the criminal case against him has been assigned. In the meantime, he will be under strict pretrial supervision and required to live with his parents at their house, with limited movements and activities monitored by his ankle bracelet.

US Attorney Damian Williams has warned that other individuals may also be charged in connection with the alleged scheme, and has encouraged anyone who may have participated in misconduct at FTX or Alameda Research to come forward.