Alas, the treacherous saga continues to unfold, and the criminal investigation into FTX and its related entities has moved with startling speed. Remember when we last discussed the whole FTX collapse, the infamous market crash, and how Sam Bankman-Fried (SBF) got arrested? Well, let me tell you how the FTX Founder bail came to be…
Without a doubt, this is by far one of the most notorious hero-turned-villain stories in the Crypto times! People are even comparing it to Bernie Madoff’s story, where the notorious fraudster’s money management operation turned out to be the largest Ponzi scheme for 20 whole years!
FTX Founder Bail
Sam’s FTX exchange was based in the Caribbean nation. And initially, the Feds arrested him at his Bahamian luxury apartment complex on December 12.
Fast-forward to Thursday, news broke that the Manhattan court granted the disgraced former cryptocurrency CEO, 30, release from federal custody under quote-unquote ‘highly restrictive bail conditions’.
In detail, the bail entails a $250 million bond in the form of a personal recognizance bond secured by the equity in his parents’ house and by their signatures, as well as the signatures of two other financially responsible people, according to a report by the Associated Press. The FTX founder’s bail condition? He must remain under house arrest with them.
Yeah, this does sound ridiculous to us as well…
Not to mention that Damian Williams, the U.S. attorney for the Southern District of New York, announced on Wednesday night that the two former executives of Mr. Bankman-Fried’s businesses, Caroline Ellison and Gary Wang, had pleaded guilty to federal fraud charges and were cooperating with prosecutors.
Although the charges against the executives should’ve further complicated Mr. Bankman-Fried’s defense, the FTX founder’s bail was secured nonetheless… Kinda sus, don’t you think?
Moreover, in just under two months, FTX went from a flourishing exchange to a bankrupt entity whose executives are facing criminal charges for some of the financial world’s most serious violations. It has been a total rollercoaster ride, and not a fun one at that!
According to Coindesk, Bankman-Fried’s “medical condition” which entails him taking Zyrtec and Adderall prescriptions facilitated this bail…
FULL STORY: Sam Bankman-Fried's attorneys sought his release on a $250,000 bail, pointing to his medicinal needs which include Zyrtec and Adderall prescriptions.@cheyenneligon @nikhileshde reporthttps://t.co/5iv1wEA6Co
— CoinDesk (@CoinDesk) December 13, 2022
And let me tell you, no one was stomaching this bs…
Possible side-effects of Zyrtec include but not limited to wire fraud, securities fraud, embezzlement, and money laundering.
Don't Risk It!
— Mark My Words (@MarkPatPetersen) December 14, 2022
Unfair Trial?
Evidently, this whole predicament is not going anywhere anytime soon. And the community is near breathing fire at the whole FTX founder bail incident.
You scam innocent people out of billions of dollars, and you manage to walk away from prison by paying some change?
Basically, the judicial system did not have any good standing with the public, to begin with. Since the community questioned its legitimacy long before this trial. But, we can call this the moldy cherry on top of this rotten legislative cake.
And people aren’t holding back, with several individuals taking to Twitter to let their rage out…
Is that money coming from a GoFraudMe account?!🤪
— M.T. Hays 🏅 (@mthays67) December 22, 2022
#SBF_FTX #SBF he stole billions of dollars from people and the great legal system will release him on $250M bail. If a regular person stole a Mac meal he will be arrested and put in jail immediately!!! Welcome to democracy 😎 pic.twitter.com/O0iii61un0
— David Ashhab (@AshhabDavid) December 22, 2022
The keep other drug addicts locked up so what's different about this clown 🤡
— Bones (@SputnikSunday) December 13, 2022
Stay tuned for more regarding the FTX trial!