Former cryptocurrency executive Sam Bankman-Fried appeared in court in Manhattan on Thursday, having been extradited from the Bahamas the previous night. He was granted bail under strict conditions, including a $250 million bond secured by his parents' California home and the requirement that he live in home detention with them.
Bankman-Fried's appearance in court followed the announcement that two former executives of the exchange he founded, FTX, had pleaded guilty to federal fraud charges and were cooperating with prosecutors. The charges against the executives are likely to complicate Bankman-Fried's case, as he faces accusations of committing crimes that led to the collapse of his exchange and billions in customer losses.
He will be under electronic monitoring, including a bracelet, and will be required to receive mental health evaluation and treatment while living with his parents in the San Francisco Bay Area.
If he fails to appear in court or violates any of the conditions, a warrant will be issued for his arrest and he and his parents will be responsible for paying the bond.