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  4. FTX founder Bankman-Fried to be released on 'restrictive' bail
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FTX founder Bankman-Fried to be released on 'restrictive' bail

By Luc Cohen NEW YORK (Reuters) - Sam Bankman-Fried will be released on a $250 million bond package while he awaits trial on fraud charges related to the collapse of the FTX...
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FTX founder Bankman-Fried to be released on 'restrictive' bail © Reuters. Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, is escorted into the Magistrate Court building in Nassau, Bahamas December 21, 2022. REUTERS/Marco Bello

By Luc Cohen

NEW YORK (Reuters) - Sam Bankman-Fried will be released on a $250 million bond package while he awaits trial on fraud charges related to the collapse of the FTX crypto exchange, a federal magistrate judge said on Thursday.

Prosecutors have accused him of stealing billions of dollars in FTX customer funds to plug losses at his hedge fund, Alameda Research.

Nicolas Roos, a prosecutor, told U.S. Magistrate Judge Gabriel Gorenstein that the bail package included home detention and location monitoring. Bankman-Fried will also have to surrender his passport.

Bankman-Fried's defense counsel said he agreed with these conditions.

Wearing a gray suit and leg restraints, Bankman-Fried sat flanked by his lawyers and nodded when the judge informed him that if he fails to appear in court, a warrant would be issued for his arrest.

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