FTX co-founder Sam Bankman-Fried, who is accused of embezzling billions of dollars deposited on the cryptocurrency exchange, left a federal court in New York on Thursday after depositing a $250 million personal recognition certificate.
Bankman-Fried, 30, got into a black SUV and was driven away at the start of a cross-country drive that will eventually end up at his parents’ home in Palo Alto, California, where he will be placed under house arrest under conditions set by a federal judge.
A day after he was extradited from the Bahamas, he appeared in court, where he was arrested on December 12 after being charged with a number of charges related to the collapse of FTX.
Bankman-Fried, who was wearing a dark blue suit and tan shoes, went into court with shackles on his ankles. He only spoke at the end of the hearing.
A recognition guarantee is a written commitment by the defendant to appear in court by order. In return, Bankman-Fried’s Camp will not be required to meet the full security requirements of the deposit.
The terms of the package, which US Attorney Nicolas Roos described as “extremely restrictive” and the largest pre-trial bond he could remember, were agreed upon by federal prosecutors and Bankman-Fried’s attorneys, CNBC reported.
The “$250 million personal recognition certificate signed by Mr. Bankman-Fried and co-signed by his parents… is secured by the parents’ equity interest in their home,” in Palo Alto, U.S. Attorney’s Office spokesman Nicholas Biase said in a statement.
Bankman-Fried’s parents, both Stanford law professors, were in the courtroom.

US Magistrate Judge Gabriel Gorenstein said Bankman-Fried would need “strict” supervision at his parents’ home in California.
He must wear an electronic monitoring bracelet and undergo psychiatric counseling. Under bail conditions, it is limited to the Northern District of California.
Bankman-Fried will also be prohibited from opening new credit lines as he awaits his lawsuit.
He was charged with eight counts in the Southern District of New York, including fraud by FTX lenders and customers, money laundering, and campaign finance crimes. Last week, he was also accused by the Securities and Exchange Commission of defrauding investors and enriching his private crypto hedge fund Alameda Research.
The alleged fraud against customers began in 2019, the Department of Justice said. Gretchen Lowe, acting director of the Enforcement Division of the Commodity Futures Trading Commission, has estimated customer losses at more than $8 billion.
US Attorney Damian Williams said Bankman-Fried’s actions with FTX were “one of the biggest financial scams in American history.”
Bankman-Fried was hailed as a crypto genius. According to reports, FTX was once valued at a whopping $32 billion until it collapsed in November.
He told Axios at the end of November that he had $100,000 left in his bank account during the last check.
A federal prosecutor in New York announced Wednesday that two of Bankman-Fried’s key business partners — a co-founder of FTX and the former CEO of Alameda Research — have pleaded guilty to fraud.
Sam Bankman-Fried ist zurück in den USA, um sich Betrugsvorwürfen im Zusammenhang mit dem Zusammenbruch von FTX zu stellen
Former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang are working with prosecutors, the U.S. Attorney for South New York said in a video statement.
Bankman-Fried’s next hearing is set for January 3. He is likely to appear remotely from his parents’ house.
Gorenstein told him that an arrest warrant would be issued for him if he didn’t show up or skipped bail. He asked Bankman-Fried whether he understood that.