Pending his trial, Sam Bankman-Fried, the ex-CEO of FTX, is free. The fallen billionaire was released on a huge bail. And we now know who co-signed it.
Who co-signed Sam Bankman-Fried’s bail?
As a reminder, Sam Bankman-Fried’s bail, which allows him to remain free until his trial, had reached a record sum of $250 million. A sum paid by his parents, as well as two other persons previously unknown. Documents, revealed yesterday, now show that it was Larry Kramer and Andreas Paepcke who co-signed the release on bail for “SBF”.
The two men are academicians from Stanford University in the United States, one of the most prestigious in the country. They paid $500,000 and $200,000 respectively. They are relatives of the parents of Sam Bankman-Friedboth professors in the same establishment.
Larry Kramer confirmed to our colleagues from The Block that it was a personal decision:
“Joe Bankman and Barbara Fried have been close friends of my wife and me since the 1990s. […] We sought to support them as they face a crisis.»
Judge Kaplan, in charge of the case, had initially resolved to keep the anonymity of the co-signers of Sam Bankman-Fried’s bail. But an appeal brought in particular by journalists covering the case had been filed, which made it possible to reveal the names of the persons concerned.
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The thorny question of freedom by Sam Bankman-Fried
For many, leaving Sam Bankman-Fried free is an aberration – especially since the man has not been particularly discreet. He has indeed made several interventions and interviews by videoconference, and has also published on his Twitter account. To the point that the prosecutors had to make a request to the judge to limit their means of communication.
“SBF” would indeed have sought to communicate with former employees of the company, bribing witnesses, and accessing FTX funds. According to the first elements that we know of this legal case, he has reason to be worried: a “backdoor” would have been created in FTX, and would have allowed the transfer of 65 billion dollars of funds between the platform of exchange and Alameda Research.
For the past week, Sam Bankman-Fried’s conversations have been partially monitored, and he is no longer authorized to use encrypted messaging services. The man is currently under house arrest with his parents. His escapades will certainly have consequencesand his contacts with former FTX employees will only add grist to the prosecution’s mill in the upcoming trial.
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Source: The Block
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