Sam Bankman-Fried, the founder of FTX, has been granted bail in the amount of $250 million, the highest pretrial bond on record, after being charged with wire fraud, money laundering, and violating campaign finance laws.
Bankman-Fried has agreed to be confined to his parents’ home in Palo Alto, California and report to pretrial services by Friday morning.
The high bond amount is due to Bankman-Fried’s notoriety and the risk of flight. He will be required to put up equity in his parents’ home and have a non-family member co-sign the bond agreement.
A 10% payment will secure the bond, which will be returned if he appears for trial.