There are speculations about who posted Bankman Fried’s 250 million dollar bond. Although initial reports had it that his parents contributed to the quarter-billion bail, recent tweets suggest otherwise. “Court rules that the identities of two people who secured Sam Bankman-Fried’s $250 million bail can be made public,” read Genevieve Roch-Decter’s tweet.
https://twitter.com/GRDecter/status/1620219620736245760
Genevieve asked her audience to guess the identities of the people who posted the bail, suggesting that they would be revealed anyway. Regardless of her tweet, previous news reports dating back to last year state that Bankman-Fried’s parents posted the bail. Sam himself mentioned that he didn’t have enough money to post bail, stating that he only had a credit card worth $100,000.
Rather than their money, Bankman-parents’ Fried’s super luxurious Florida home is used as collateral for his $250 million bond. They have long acknowledged that they are short on funds. Bankman-Fried’s parents are liable for $250 million if their son runs away because they consented to the bond agreement.
SBF’s parents, Joseph Bankman and Barbara Fried are both lawyers, with his father doubling as a clinical psychologist. So, they are well acquainted with the consequences of his actions and how the bail can be compromised. As of now, Bankman-Fried’s bail terms are that he stays under home arrest.
His parents’ total assets are unknown, but the fact that they’re willing to give up their quarter-billion home for their son says a lot about their relationship with him. Nonetheless, as aforementioned, they still own their home, pending a breach of bail terms.
FTX’s collapse, the debacle that led to Bankman-Fried’s indictment, is considered one of the largest financial frauds in recent history. But his bail is perhaps the largest, considering Theranos’ $500,000 fine is nowhere near the 250 million dollars his parents are offering up. Even Bernard Madoff defrauded people of over $65 billion and paid just over $10 million in bail.
Word of Bankman-Fried’s girlfriend and founder of Alameda Research has died down over the past few weeks. She confessed to their mutual crime and immediately went under the radar.
Regardless of her silence, there’s a high chance that other charges will come up in the following months. Also, considering FTX’s crash’s ripple effect on the crypto market, Bankman-Fried’s problems are far from over.
It makes little difference whether the people who posted Bankman-Fried’s bail are or are not his parents. All we can do is wait.
