SBF released on $250 million bail deal, to live with parents

FTX founder, Sam Bankman-Fried, has been released from U.S. custody on a $250 million bail bond deal, which was secured in part by his parents' California home.

As part of the agreement, Bankman-Fried will have home detention at his parents' Palo Alto, California home and have to wear a monitoring device. He will also be required to give up his passport.

Bankman-Fried is accused of using customer funds in the blow-up of cryptocurrency exchange FTX and the various FTX sister companies, including Alameda Research.

Overnight, former top executives at FTX and Alameda, Caroline Ellison and Gary Wang plead guilty to fraud charges and agreed to cooperate with investigators.

Billionaire Hedge fund manager Bill Ackman, who had up until this point supported Bankman-Fried, questioned how he posted the $250 million in bail money and said this "is itself a criminal indictment and refutation of everything he has said to date."

Bankman-Fried had recently said he only had $100,000 left to his name.

By StreetInsider.com Staff

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