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David Gura

Sam Bankman-Fried to be released on $250 million bail into parents' custody

FTX Sam Bankman-Fried Damian Williams FBI United States

FTX founder Sam Bankman-Fried, center, is escorted from the Magistrate Court in Nassau, Bahamas, Wednesday, Dec. 21, after agreeing to be extradited to the U.S. (Rebecca Blackwell/AP)

Sam Bankman-Fried, perhaps the most infamous person in the world of cryptocurrencies, will be released on $250 million bail as he prepares to face criminal charges that he lied to investors and took billions of dollars of his customers' money for his own personal use.

The 30-year-old founder of the cryptocurrency exchange FTX will stay in the custody of his parents, according to Nicholas Biase, a spokesman for the U.S. Attorney for the Southern District of New York.

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