Crypto SBF’s $250M Bail And Return To Luxury Had Twitter Puzzled
The former CEO of FTX’s ability to obtain bail and the terms attached have drawn much criticism from the cryptocurrency community.
Crypto Sam Bankman-$250 Fried’s million bail bond, which allowed him to spend Christmas at his parents’ Palo Alto home without paying anything upfront, has offended Twitter.
The former FTX CEO arrived in New York on December 21 after travelling from the Bahamas, and on December 22, he made his court appearance. He was granted bail through a “personal recognizance bond,” a written promise from the defendant that they would appear for future court dates and refrain from engaging in any illegal activity while out on bail.
No cash was required to be posted with the court, according to the release agreement filed on December 22, but the bail terms provide that Bankman-Fried’s parents five-bedroom Palo Alto home would be used as collateral for the $250 million bond.
Several members of the cryptocurrency community on Twitter were initially perplexed by the $250 million no-upfront-cost bail requirements and questioned how Sam Bankman-Fried was able to post the $250 million bail number since he had previously said 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.
According to the bail agreement, the bond is only paid up if Sam Bankman-Fried breaks other bail conditions, such as failing to attend court proceedings, surrendering to serve a sentence, or appearing for subsequent court appearances.
Instead, others who read the court filings expressed alarm about Bankman-Fried’s guarantors, notably his mother, Barbara Fried, and father, Allan Joseph Bankman, who would be held responsible should SBF fail to abide by the terms of his release.
On December 23, Wall of All Streets Podcast host Scott Melker tweeted that while SBF didn’t have to pay $250 million to avoid going to jail, if he “skips bail,” his parents will need to work “17 extra jobs” to get the money.
Voice crypto, In addition, he has placed his parents, relatives, and non-relatives in a challenging predicament, according to Twitter user Autism Capital, who commented on the subject.
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
While it might not be fair that SBF is residing in a lavish mansion while on trial, Regulatory Jason Podcast host Jason Brett reminded his listeners that everyone in the US is entitled 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.
In a tweet, Steven McClurg implied that SBF’s parents shouldn’t be permitted to use their house as security for the $250 million bail since it was purchased with “stolen FTX funds.”
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?
