The disgraced cryptocurrency tycoon Sam Bankman-Fried has been released on a $250m (£208m) bond package as he awaits fraud charges, the biggest pretrial bond in history.

The bond was signed by his parents, who agreed to keep him under house arrest at their home in Palo Alto, California while he awaits trial.

Federal prosecutors in Manhattan have accused him of stealing billions of dollars of customer’s money to plug losses at his hedge fund, Alameda Research.

In the space of a month, Bankman-Fried’s star-studded £21bn cryptocurrency empire collapsed and he has been charged with defrauding investors in the US.

FTX was once one of the world’s biggest digital currency exchanges, valued at $32bn, but ended up filing for bankruptcy protection in three days.

Source: Sky News

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