New York Daily News: MANHATTAN – The cost of home cooking for accused cryptocurrency con man Sam Bankman-Fried: A staggering $250 million.

A Manhattan judge ruled Thursday that the 30-year-old FTX mogul can move into his parents’ California home after his enormous court-ordered bond was posted in the alleged multi-billion dollar defrauding of investors over the last three years.

The defendant walked out of the courthouse a short time later.

Bankman-Fried said little at a Manhattan Federal Court hearing where his emotional parents shared a hug as Judge Gabriel Gorenstein imposed what officials believed was the largest-ever pretrial bond for any defendant.

“Mr. Bankman-Fried perpetrated a fraud of epic proportions, stealing billions of dollars,” said US Attorney Nicolas Roos. “The evidence presented is going to include multiple cooperating witnesses, encrypted text messages and tens of thousands of pages of financial documents.”

His mother and father agreed to provide a portion of the money with equity from their home, and he will live with them on the West Coast under the terms of his release.

Bankman-Fried, in a blue suit, blue tie and white shirt, uttered just three words at the packed hearing one day after his arrival in New York to face an assortment of charges for his alleged crimes.

“Yes I do,” he replied when asked by Gorenstein if he understood the conditions of his release.

Bankman-Fried was fitted for an electronic monitoring device and released Thursday. He was also ordered to surrender his passport, and two other financially responsible contributors with a large amount of assets contributed to the unprecedented bond, said Roos.

The hearing came 11 days after Bankman-Fried’s arrest in the Bahamas, with the defendant flown into New York on Wednesday night after waiving extradition in what prosecutors described as one of the most shocking financial frauds in US history.

Prosecutors alleged he swindled investors while looting the deposits of customers on his FTX trading platform, and he faces more than a century behind bars if convicted of diverting billions of investment dollars for his own benefit.

The defendant allegedly diverted billions from the funds of his customers to help expand his crypto empire and line his own pockets, spending extravagantly lavishly on office space and condominiums in the Bahamas, authorities charged, and misled his investors into believing their assets were protected.

Barbara Fried, the mother of FTX founder Sam Bankman-Fried, arrives for his arraignment and bail hearings at Manhattan Federal court on Dec. 22, 2022.
Barbara Fried, the mother of FTX founder Sam Bankman-Fried, arrives for his arraignment and bail hearings at Manhattan Federal court on Dec 22, 2022 – Michael M Santiago/Getty Images/Getty Images

Two of the accused suspect’s top lieutenants already pleaded guilty to federal charges and agreed to cooperate against their boss in the fraud scheme that preceded the collapse of his crypto empire, Manhattan US Attorney Damian Williams announced Wednesday as their boss was flying to New York for his court date.

Carolyn Ellison, 28, was the former chief executive of Bankman-Fried’s trading firm Alameda Research, while 29-year-old Gary Wang was the co-founder of BTX. They admitted to charges including bank fraud, securities fraud and commodities fraud in their deal, said Williams.

Bankman-Fried sat quietly between his attorneys for the most of the federal court hearing. He was led from the courtroom by a pair of federal marshals, his hands in the front pockets of his pants.

His bail conditions included a directive that the defendant not open any lines of credit larger than $1,000.

Top Feature Photo: FTX founder Sam Bankman-Fried after his arraignment in Manhattan Federal court on Dec 22, 2022 – ED JONES/AFP via Getty Images