A New York federal judge approved a plea agreement prepared by federal prosecutors and Sam Bankman-Fried's attorneys Thursday that will see the FTX founder released on a $250-million bond, CNBC reported.

Bankman-Fried will need "strict" supervision after being released to his parents' California home, according to Judge Gabriel Gorenstein.

The equity in their house would be used to partially meet the requirements of his bail. Bankman-Fried would be handed over to his parents' care as part of the discharge.

Bankman-Fried had previously asserted that he merely had $100,000 in funds left after the collapse of the cryptocurrency exchange. 

Photo: Courtesy of Bybit from flickr.