To find freedom and go live in his parents’ luxurious home while awaiting trial, Sam Bankman-Fried didn’t have to pay a single dollar of that $250 million bail.
Sam Bankman-Fried, the former head of cryptocurrency exchange FTX, was extradited to the United States on Wednesday night. He agreed to return to his country to face the legal proceedings against him. Among other things, he is accused of having used the assets of his clients to make personal investments. Damage is estimated at several billion dollars.
The FTX case is already considered one of the biggest financial scandals in American history. SBF, 30, is charged in particular with wire fraud, securities fraud, conspiracy to commit fraud, money laundering, and political donation fraud. He risks 115 years in prison.
The Biggest Bail Bond of All Time?
Less than 24 hours after returning to the United States, former cryptocurrency mogul Sam Bankman-Fried appeared before Lower Manhattan court judges, who set at bail at $250 million. During the hearing, the magistrates described such bail as “enormous”. One of the judges indicated that this is probably the greatest personal guarantee of all time.
There are many conditions for release by Sam Bankman-Fried. He must live at home with his parents, wearing an electronic bracelet, as well as other means of electronic tracking. The judges prohibited him from opening new lines of credit and starting businesses. He was also prohibited from making any transactions over $1,000, except to pay lawyers.
Controversies Over Sam Bankman-Fried’s Bail
On social media, many members of the crypto community criticized the court’s decision. For some, Sam Bankman-Fried may not be eligible for bail. This is due to the seriousness of the charges against him. Others mentioned the amount of the deposit, guaranteed by their parents.
In this regard, the famous crypto-personality Alexandra Hulk posted a tweet in which she questions the ability of Sam Bankman-Fried’s parents to guarantee such a sum, claiming that “The calculation does not hold.”
The crypto Youtuber Bitboy has questioned the origin of the money and alluded to a conspiracy. In addition, many have abounded in this direction. For them, Sam will never go to prison, because he was a great supporter of the American political class.
SBF Did not Have to Pay a Single Dollar of Bail
Indeed, it is only a deposit of appearance. Sam Bankman-Fried’s parents signed an affidavit of bail, which makes it mandatory for the defendant to pay the court $250 million bail if he fails to appear in court, or fails to meet the conditions of his bail; no fee is paid in advance.
SBF will, therefore, not spend Christmas in prison, but with his parents in a sumptuous house. This is news that shocks bankrupt FTX clients, whose funds were stolen and used by the “Bernie Madoff of cryptocurrency”, as well as by his former collaborators also indicted.
By Audy Castaneda
