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Sam Bankman-Fried’s two sponsors put up $700K to get him out of jail


Sam Bankman-Fried was released on bond after two anonymous individuals put up a complete of $700,000, in keeping with court filings.

Bankman-Fried, the disgraced former crypto mogul whose FTX exchange declared bankruptcy in November, has been under house arrest in his parents’ $4 million Palo Alto, Calif., home since last month.

He was released from federal custody in Manhattan on a $250 million bond after being extradited from the Bahamas to face fraud and money laundering charges in reference to the collapse of FTX.

As a part of the terms of his release, one in all his sponsors posted $500,000 bail while the opposite chipped in $200,000, in keeping with court papers seen by the news site Insider. The identity of the 2 individuals stays secret on the request of Bankman-Fried’s attorneys who say that publicizing their names could pose a security risk.

Christian Everdell, one in all Bankman-Fried’s lawyers, revealed the scale of the contributions in order that the federal judge overseeing the case — US District Judge Lewis Kaplan — would come with them within the bail condition documents, in keeping with Insider.

Bankman-Fried has been under house arrest at his parents’ California home since late last month.Matthew McDermott

“We subsequently respectfully request that the Court update the bail conditions to reflect that the 2 non-parent sureties will sign separate appearance bonds prepared by the Magistrate Clerk’s office in the quantity of $500,000 and $200,000, respectively,” Everdell wrote.

Several media outlets petitioned Kaplan to unseal the identities of the 2 bail sponsors. Nevertheless, the judge ruled last week the names “shall remain under seal” until he issues a final ruling on the matter.

The bond was also secured after Bankman-Fried’s parents — Stanford law professors Joseph Bankman and Barbara Fried — put up their home as collateral.

The family hired a $10,000-a-week, armed security detail to protect the Palo Alto house after the accused cryptocurrency fraudster received death threats.

Bankman-Fried has pleaded not guilty to several counts of money laundering and fraud.Bankman-Fried has pleaded not guilty to several counts of cash laundering and fraud.AFP via Getty Images

“Recently, the Bankman-Frieds had a security incident at their home when a black automobile drove into the metal barricade arrange outside their home,” Everdell wrote within the court filing on Thursday.

“Three men got out of the automobile. When the safety guard on duty confronted them, the boys said something to the effect of: ‘You won’t give you the option to maintain us out’.”

Everdell wrote: “The boys got back within the automobile and quickly drove away before the safety guard was in a position to see the license plate.”

FTX, which was once valued at north of $26 billion, fell apart after customer funds were used to cover dangerous bets made by Bankman-Fried’s hedge fund, Alameda Research. Bankman-Fried has denied any wrongdoing and has pleaded not guilty.

Bankman-Fried was also required to give up his passport and wear an ankle bracelet to watch his movements.

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