Crypto king makes major move after posting record bail

Sam Bankman-Fried, the disgraced founder and ex-CEO of crypto exchange FTX, is on house arrest following his payment of a record $250 million bond.

The New York Post revealed Thursday that Brinkman-Fried will serve his house arrest at his parents’ $4 million home that sits next to Stanford University’s campus in Palo Alto, California.

United States District Judge Gabriel Gorenstein signed the order freeing Brinkman-Fried on bond.

Federal authorities accuse Bankman-Fried, 30, of wire fraud, securities fraud, conspiracy, money laundering, and campaign finance violations. Federal prosecutors say they can prove Bankman-Fried “defrauded investors out of $1.8 billion,” according to The Post.

Bankman-Fried’s new residence looks humble from the street. The house, which is owned by Bankman-Fried’s parents, Joseph and Barbara, lists five bedrooms and 3,092 square feet of space. Zillow gives a price tag of roughly $4 million for the house that was built in 1917.

Bankman-Fried will wear an ankle monitor while residing with his parents. He will be allowed to leave the house for exercise, mental health, and substance abuse treatment, according to The Post.

The fallen crypto king will still be allowed to shop online. However, he is banned from making any “non-sanctioned” payment north of $1,000.

Bankman-Fried’s company FTX recently had ties cut with the Miami Heat on their arena’s naming rights. Bankman-Fried is presumed innocent until proven guilty.

[The New York Post]