FTX Co-founder at large without bail
2022.12.23 00:29
FTX Co-founder at large without bail
Budrigannews.com – Sam Bankman-Fried’s $250 million bail bond, which allows him to spend Christmas in his parents’ Palo Alto home without having to pay anything up front, appears to have been criticized by Crypto Twitter.
The former CEO of FTX arrived in New York from the Bahamas on December 21. On December 22, he appeared in court and was granted bail through a “personal recognizance bond,” which is essentially a written promise from the defendant that they will attend all subsequent court appearances and refrain from engaging in any illegal activity while they are out on bail.
The bond conditions stipulate that Bankman-Fried’s parents’ five-bedroom Palo Alto home will serve as collateral for the $250 million bond, despite the fact that no cash was required to be deposited with the court in accordance with the release agreement filed on December 22.
On Twitter, some members of the crypto community were initially perplexed by the $250 million no-upfront-cost bail conditions. They wondered how Sam Bankman-Fried was able to post the bail amount when he had previously stated that he had less than $100,000 in his bank account.
Funny how SBF is able to post the $250M bail not long after saying he only had $100k.
So he probably is using stolen customer deposits to stay out of jail.
— Benjamin Cowen (@intocryptoverse) December 22, 2022
The bond will only be paid off in accordance with the bail agreement if Sam Bankman-Fried fails to appear in any subsequent court appearances or violates any other bail conditions, such as surrendering to serve a sentence or appearing in court.
In the meantime, people who looked at the court documents were worried about Bankman-Fried’s guarantors, including his father, Allan Joseph Bankman, and mother, Barbara Fried, who would be responsible if SBF broke the terms of his bail.
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Host of the Mass of All Roads Digital broadcast Scott Melker tweeted on Dec. 23 expressing that while SBF didn’t need to pay $250 million to avoid prison, if he “fails to show up for court,” his folks should work “An additional 17 positions” to concoct the cash.
Autism Capital, a vocal crypto Twitter user, elaborated on the situation, stating that, despite the fact that he has not had to pay anything up front, he has placed his parents, relatives, and non-relatives in a difficult position.
Sam is out on a personal recognizance bail. What this means is that NO MONEY has been paid. His parents put up their home as collateral, one relative and a non-relative have also put up collateral. All of them would be on the hook for $250M if Sam runs. https://t.co/F85qHFVQDQ
— Autism Capital (@AutismCapital) December 22, 2022
Jason Brett, host of the Regulatory Jason Podcast, tweeted on December 23 that even though it might not be fair that SBF is staying in a luxurious home while on trial, everyone in the United States has the right to a fair trial and the presumption of innocence.
People are impatient to see @SBF_FTX pay for his crimes. However, the reason America is different is how we treat those accused. Is it fair that he gets to be in a luxury home in a warm climate during trial? Life isn’t fair but we can get a shot at the truth of what happened.
— Jason Brett (@RegulatoryJason) December 22, 2022
Steven McClurg tweeted an explanation inferring that SBF’s folks ought not be permitted to set up their home as insurance on the $250 million bail as the house was purchased with “taken FTX reserves.”
So @SBF_FTX parents, who bought a home in Bahamas with stolen FTX funds, will use their other home as collateral on the $250mm bail?
— Steven McClurg (@stevenmcclurg) December 22, 2022
Some Twitter clients likewise found it entertaining that SBF’s bail conditions didn’t confine him from utilizing a PC while being delivered on bail.
So @SBF_FTX is out on bail, has no restrictions on his use of computers, and follows me on Twitter. Awkward.
— David “JoelKatz” Schwartz (@JoelKatz) December 23, 2022
