Paid $250M To Bail Out SBF News
Do you know who paid the $250 million bail for SBF, and whether or not he is still using client funds?
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Sam Bankman-Fried got out of jail
After Sam Bankman-Fried got out of jail on Thursday with a $250 million bail bond, people in the cryptocurrency world are wondering what’s going on. When FTX, Alameda Research, and the companies that worked with them went bankrupt, the value of the crypto exchange dropped from $32 billion to $1 billion in just a few days.
The market is still feeling the bad effects of FTX-related contagion and the liquidity crisis. In this case, retail traders are waiting for more information about how their money will be returned during the bankruptcy process, which is still going on.
People in the crypto world are wondering if SBF still has access to the FTX user funds. After hearing that a $250 million bail bond saved the former CEO of FTX, people began to wonder about user funds. But an SBF from New York was let out of jail on a personal recognizance bond that was backed by some money from his parents.
What did the SBF bail depend on?
The defendant agreed to a $250 million bond that was backed by the home of SBF’s parents in Palo Alto, California. In the security bond, Allan Bankman and Barbara Fried were listed as surety owners. This means that if the agreement is broken, SBF’s parents would have to give up the right to own their Palo Alto home.
The bond will be considered lost if SBF does any of the following: doesn’t show up to court, doesn’t follow the rules, or is found guilty of a crime.
Steven McClurg, one of the people who started Valkyrie Funds, didn’t understand how SBF parents could use their home as collateral.
So @SBF_FTX parents, who bought a home in Bahamas with stolen FTX funds, will use their other home as collateral on the $250mm bail?— Steven McClurg (@stevenmcclurg) December 22, 2022
The legal document made it clear:
If the defendant doesn’t follow the agreement, the court could order that the full amount of the bond, along with the security for the bond, be given to the United States right away.
Source: Google Trend