SBF released on bond?
Lol wtf was that about? And apparently it's the highest ever bond too - $250 mil although I can't be sure, don't know much about these legal stuff. They really gonna let me off to his parents' house for now?
Wonder why his parent's are putting up their $4mil house for him, can't SBF afford that on his own? His net worth is still 1 bil after his losses, and 4mil ain't gonna do much in a 250 mil bond.
So what's gonna happen now
My understanding is that he is broke at this point - it was all secured by his parent's house and their signatures, maybe others but I'm not entirely sure. I also am not exactly going out of my way to find out anymore.
Realistically - he's in deep. Clearly his character is such that his closest partners, and girlfriend(?), already flipped on him. Given the lack of any corporate governance, his own tweets/interviews, etc. that are already out there it won't take much to nail him for all of eternity. Doesn't help that crypto already has that gray area around it - so he will probably be doubly judged for that.
Look - the guy is a fraud. It's about as clear as day. Maybe he thought by the time he bought of regulators FTX, their coin, whatever could be a 'stable' coin backed by enough people that it couldn't fail. Maybe he thought he was 'smarter' than everyone around him and could pull it off. Maybe he had no plan, got in deep, and just kept going as long as he could. Judging by the interviews with his girl who ran Alameda - he didn't exactly bring the best and brightest from MIT with him for the ride. If he was truly in the most nefarious areas - he may well end up the way of Epstein.
It’s all a sham. The bond notional amount is an illusion. His parents pledged their $4m house. He is out on his own recognisance. If he flees his parents lose their house - which is likely mortgaged anyway.
I am curious if he shows up in court. Maybe the smart move would be to take those stolen and hacked funds and run.
From coindesk - https://www.coindesk.com/policy/2022/12/22/ex-ftx-chief-sam-bankman-fri…
Neither Bankman-Fried nor his parents were required to put up the full amount of the bond. It is sufficient to secure a bond with assets amounting to 10% of the total bond amount.
Bankman-Fried has already given up his passport, and he'll be fitted with a tracking device. His parents have to secure the bail with their home-equity arrangement by Jan. 12.
I am curious if his “crazy like a fox” pre-indictment apology tour was successful as a defense. This guy, previously called a genius and the smartest guy in the room, has been gunning for the “I am not a scammer I was just stupid and careless” defense. Let’s see if it sticks.
imo the statements he made post-bankruptcy will be the nail in his coffin - no remorse, saying "oops idk how this happened but it did" and blaming the people trying to unwind his problems. Being stupid is not a defense in the US, think this is an open and shut case for the US (which already has a 99%+ conviction rate, they don't mess around) plus they have already gotten his #2 and #3 to cooperate - in short, he is totally screwed and facing a long time in jail
Being stupid technically is a defense in the US, as fraud has to be deliberate and intentional. But yes, he’s going to spend a lot of time in jail.
I have a friend who’s a detective. He said despite what you hear about certain criminals and no snitching, the prisoners dilemma works nearly every time with folks cooperating to get a better outcome for themselves.
He said the people who have done time are the most predictable with this. He knows that they know they don’t want to go back for any material length of time. So it’s a rush to talk and cut a deal before one of their conspirators do.
Third highest bond - Robert Durst and Kim Freeman (running brothels) had higher bonds.
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