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Sam Bankman-Fried, the founder of the collapsed FTX crypto exchange, will be released on $250 million bail, CNBC reports.
Under the bail arrangement, Bankman-Fried will be located under "strict" supervision at his parents' home in Palo Alto, California. The bail is secured by Bankman-Fried parents' house.
Bankman-Fried is facing charges related to wire and securities fraud, money laundering and others from the US Attorney's Office for the Southern District of New York, the CFTC and the SEC. The next hearing in New York City is scheduled on January 3, 2023.
