FTX founder Sam Bankman-Fried agreed to sign a $250 million bond at a Manhattan court which would get him bail and keep him under house arrest at his parent’s home in Palo Alto, California, while he awaits trial on charges that he defrauded investors on his FTX trading platform.

The 30-year-old cryptocurrency entrepreneur was asked for a $250 million bond by Assistant US Attorney Nicolas Roos, who believes it to be the largest federal pretrial bond ever. According to him, the entrepreneur “performed a fraud of epic proportions.” Bankman-Fried has been accused by federal prosecutors of stealing billions of dollars in client funds to cover losses at his hedge fund, Alameda Research.

FTX founder Sam Bankman-Fried agreed to sign a $250 million bond at a Manhattan court which would get him bail and keep him under house arrest at his parent’s home in Palo Alto, California, while he awaits trial on charges that he defrauded investors on his FTX trading platform.

The 30-year-old cryptocurrency entrepreneur was asked for a $250 million bond by Assistant US Attorney Nicolas Roos, who believes it to be the largest federal pretrial bond ever. According to him, the entrepreneur “performed a fraud of epic proportions.” Bankman-Fried has been accused by federal prosecutors of stealing billions of dollars in client funds to cover losses at his hedge fund, Alameda Research.