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 cryptoexchange, a federal magistrate judge has said.
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 US Magistrate Judge Gabriel Gorenstein that the bail package would require Mr Bankman-Fried to surrender his passport and remain in home confinement at his parents' home in Palo Alto, California.
He would also be required to undergo regular mental health treatment and evaluation.
Mr Roos called the package the "largest ever pretrial bond."
Mr Bankman-Fried's defense lawyer Mark Cohen said he agreed with these conditions.
He noted that his parents - both Stanford Law School professors - would co-sign the bond and post the equity in their home as assurance for Mr Bankman-Fried's return to court.
"My client remained where he was, he made no effort to flee," Mr Cohen said.
Wearing a gray suit and leg restraints, Mr 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.
Judge Gorenstein set Mr Bankman-Fried's next court date for 3 January 2023.
