- The former FTX CEO had four signatories to his bail. Two of them were his parents, and the other two remained anonymous.
- The judge ruled to reveal the names of his anonymous backers.
- SBF needed $250 million to get out of police custody.
As the FTX fraud case unfolds, many questions remain unanswered. However, one mystery will soon solve itself – that of the two anonymous individuals that co-signed Sam Bankman-Fried’s bail.
On Monday, District Judge Lewis A. Kaplan granted a motion by various news organizations to reveal the names of the two anonymous individuals who bailed out Sam Bankman-Fried.
Earlier, SBF’s lawyers argued that revealing the names of the two co-signatories would put them in danger. The judge allowed the defense up to Feb. 7. to appeal the decision.
Multiple media outlets, including Bloomberg, Reuters, and the Associated Press, filed a motion to reveal the names of the co-signatories. They cited public interest to reveal their identities.
SBF’s Bail: $250 Million Mystery
A federal judge in the case against SBF, who faces eight criminal charges, including wire fraud, deemed the defendant a flight risk. The judge awarded him a $250 million bail bond to release him from custody, one of the largest in history.
The agreement also required two other individuals besides his parents to co-sign for his bail. Two anonymous people signed bonds for $500,000 and $200,000, respectively.
The former billionaire, who said he was down to just $100,000, managed to make bail with the help of his parents. They co-signed the bail for the entire $250 million with SBF. The court also required them to put up 10% of the bail bond as collateral.
The astronomical bail sum raised questions about how his parents could afford that amount. Some have speculated that his parents put up their Palo Alto house as collateral, which would value the residence at $25 million. It is unclear whether this corresponds to the actual value of the property.
On the Flipside
- The judge has left the defense the option to appeal the decision. He still might accept the appeal, and the co-signatories could remain anonymous.
- The two co-signatories are on the hook for relatively small amounts, $500,000 and $200,000, respectively.
Why You Should Care
The identity of SBF’s bail co-signatories could give the public insights into his relationships and connections.