Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, was released on a $250 million bond after being charged with fraud, conspiracy, money laundering, and other financial crimes

The bond is believed to be the largest federal pretrial bond ever

Bankman-Fried's bail conditions include surrendering his passport, not being allowed to own firearms or start new businesses, and requiring government approval for transactions over $1,000

He will be allowed to leave his parents' California home only for exercise or legal proceedings, and must undergo mental health and substance abuse treatment

Two of Bankman-Fried's business associates, Caroline Ellison and Gary Wang, have pleaded guilty to charges including wire fraud, securities fraud, and commodities fraud and are cooperating with investigators

Prosecutors allege that Bankman-Fried used illicitly taken money from FTX customers for personal gain, including enabling trades at his trading firm Alameda and making campaign contributions to US politicians

If convicted, Bankman-Fried faces the possibility of decades in prison

FTX, which was founded in 2019 and became one of the world's largest digital currency exchanges, hired comedian Larry David for a Super Bowl ad promoting cryptocurrency