SBF secures bail, Crypto Community confuses

Former FTX CEO SBF is now out of the custody of Bahamian government agencies and living his luxurious life again in NewYork.

Sam Bankman-Fried (SBF) is an infamous crypto personality. SBF is known for the fraud that he did with more than 50 million crypto traders via his FTX crypto exchange. Reportedly SBF used the FTX customer’s fund for personal use blindly in huge amounts and that resulted in a liquidity crunch. Finally, on 12 Nov FTX filed for bankruptcy under chapter 11 in a US bankruptcy court.

The official reports confirmed that SBF arrived in NewYork from the Bahamas on 21 Dec & also appeared in court on 22 Dec. Now SBF is on bail that he secured on behalf of a $250 million bond and living with his parents. 

Many people from the Crypto Twitter community raised questions about how SBF secured bail despite being the culprit behind a very big crime & also in the past he claimed that he had only $100k funds in his savings, post-FTX downfall. 

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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.

— Benjamin Cowen (@intocryptoverse) December 22, 2022

A Twitter Crypto journalist explained this confusion over the SBF’ bail and confirmed that it is a type of agreement where no money was paid & house property of his family was used as collateral to avoid any possibility of SBF running.

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

— Autism Capital (@AutismCapital) December 22, 2022

Jason Brett, the host of Regulatory Jason Podcast, also shared his opinion on this thing and noted that the majority of the people in the crypto space are impatient because SBF is currently living at his home in a warm climate despite being on a trail. 

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.

— Jason Brett (@RegulatoryJason) December 22, 2022

Read also: US SEC claims FTX token (FTT) was a security

SBF secures bail, Crypto Community confuses

 

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