Sam Bankman-Fried out on bond
Two anonymous individuals put up a total of $700,000 for Sam Bankman-Fried’s release on bond, according to court filings.
Since last month, Bankman-Fried, the disgraced former crypto mogul, has been under house arrest in his parents’ $4 million Palo Alto, Calif. home.
After being extradited from the Bahamas to face fraud and money laundering charges in connection with the collapse of FTX, he was released from federal custody in Manhattan on a $250 million bond.
in $100,000
One of his sponsors posted $500,000 bail while the other chipped in $100,000 as part of the terms of his release.
In 200,000, according to court papers seen by the news site Insider, the sentence was rewritten. At the request of Bankman-Fried’s attorneys, the identity of the two individuals remains secret. They say that publicizing their names could pose a security risk.
One of Bankman-Fried’s lawyers, Christian Everdell, revealed the size of the contributions to US District Judge Lewis Kaplan so that they would be included in the bail condition documents, according to Insider.
Everdell wrote that they respectfully request that the Court update the bail conditions to reflect that the two non-parent sureties will sign separate appearance bonds prepared by the Magistrate Clerk’s office in the amount of $500,000 and $200,000, respectively.
The identities of the two bail sponsors were petitioned to be unsealed by several media outlets. The judge ruled last week that the names “shall remain under seal” until he issues a final ruling on the matter.
After putting up their home as collateral, the bond was secured for Bankman-Fried by their parents, who are both Stanford law professors.
After the accused cryptocurrency fraudster received death threats, the family hired a $10,000-a-week, armed security detail to guard the Palo Alto house.
Everdell wrote in the court filing on Thursday that the Bankman-Frieds had a security incident at their home recently when a black car drove into the metal barricade set up outside their home.
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The sentence should read: “Three men got out of the car.” The security guard on duty confronted the men and they said something to the effect of: ‘You won’t be able to keep us out’.
Everdell wrote: “The men got back in the car and quickly drove away before the security guard was able to see the license plate.”
After customer funds were used to cover risky bets made by Bankman-Fried’s hedge fund, Alameda Research, FTX, which was once valued at north of $26 billion, fell apart. Bankman-Fried has pleaded not guilty to any wrongdoing.
Bankman-Fried was also required to surrender his passport and was fitted with an ankle bracelet to monitor his movements.
