FTX founder Sam Bankman-Fried to be released on $250 million bond

FTX founder Sam Bankman-Fried is set to be released on a bond of $250 million after being arrested in the Bahamas following the collapse of his cryptocurrency empire.

Bankman-Fried has been charged with a variety of fraud and money laundering cases, while his business partners Caroline Ellison and Gary Wang have pleaded guilty to the charges against them.

Prosecutors have accused the cryptocurrency trader of sending billions in customer's money to Alameda Research, another company which was part of his empire.

As part of his bail package Bankman-Fried has to surrender his passport and stay at his parent's house in California, while he must also be regularly evaluated for his mental health.

Bankman-Fried previously said he couldn't go to jail because he's a vegan and needs to take medication regularly.

FTX filed for bankruptcy last month after the company's net worth dropped from around $16 billion to almost nothing after many traders tried to sell up.