SBF Bail Disrupts Crypto World

SBF Bail Disrupts Crypto World

Sam Bankman-Fried (SBF) could be receiving a loose treatment from the courts, or at least that is what the cryptographic community thinks, and it is that it has become public knowledge that a federal judge in the United States has ruled that SBF can stay free.

This, after paying a bail of 250 million dollars (236 million euros), and while awaiting trial for the eight charges related to the collapse of the FTX cryptocurrency platform, which has become the cryptographic scandal of the year.

Accusations for which he could be sentenced to a maximum sentence of up to 115 years in prison.

According to Nicolas Roos, the prosecutor conducting the investigation, the bail amount is the “highest” imposed before a trial takes place.

Although it is a deposit with no initial cost.

This happens at an unexpected moment, since while SBF was being extradited from the Bahamas to New York, an event was taking place that was counterproductive for the cryptocurrency “genius boy”, and that in itself can become irrefutable proof of his responsibility.

We are talking about the plea agreement reached by two of the associates who belonged to the closest leadership of Sam Bankman-Fried: the former CEO of Alameda Research and ex-girlfriend of SBF, Caroline Ellison, and the co-founder of FTX, Zixiao “Gary” Wang .

SBF had spent nine days in Fox Hill prison in the Bahamas.

The facts

According to the latest reports, SBF has been released on bail at his recent court appearance. Through a “personal recognition bond”.

Apparently, the bail would have been guaranteed with the capital of his parents’ house in Palo Alto, California. In addition, a list of requirements was added to release him while he faces charges.

However, this is only paid if Sam Bankman-Fried fails to appear for future court appearances or fails to meet other conditions of his bail, such as appearing in court proceedings and turning himself in to serve a court sentence.

SBF had to hand over his passport to the authorities, he cannot leave the house, unless it is to exercise. And he has been required to undergo substance abuse treatment in addition to mental health.

Because her lawyers have been insisting that Bankman-Fried suffers from depression and other psychological disorders.

Also, it has been prohibited from creating new lines of credit and facilitating financial transactions of more than $1,000.

The revealed information relates that when SBF was asked if he agreed to these conditions, he himself agreed.

However, the judge asked him to answer out loud, to which he replied “Yes, I accept”, after looking at his lawyer.

A tracking device would be fitted. According to judge Gabriel Gorenstein, this would provide sufficient guarantees that SBF would not move from the place, and his fame would not make it easier for him to escape.

The court also believes that SBF is not a threat to anyone, since its crimes were financial.

Community spoke

This has not gone down well with crypto enthusiasts, as they consider the conditions given to SBF too beneficial for someone who has committed a crime, and has ruined the image of the crypto world.

“As you think San Bankman Fried is released after paying 250 million dollars. The largest bail in history. Total impudence”, indicated @criptoeli on Twitter.

“No @SBF_FTX has not paid 250 million bail, he used a personal recognition bond with the parents’ house valued at 4 million. If he escapes they would only lose the house. He hasn’t put in a penny of cash. Financial engineering. The socio-legal alarm of the case is tremendous”, said @criptogeronimo.

“@SBF For a judge to let a known liar off the hook and run when nearly $10 billion of other people’s money is at stake is TOTALLY unconscionable. This smacks of more politicized Justice Department corruption and a multi-billion dollar money laundering cover-up,” @lastdaysguitar.

“Where did he get the 250 MDD to pay the bail @SBF_FTX ??? A mockery to everyone who lost their funds on #FTX,” @chazzmtx said.

And, despite the fact that it has been indicated that what is under guarantee is his parents’ house, it is rumored that even that house was acquired with the embezzled money.

“Can you explain it better? If you have 250 million bail and put a house valued at 4 million?”, intervened @ARBEM07.

“Meanwhile, Alexey Pertsev (developer of Tornado Cash) is still in jail. No bail. No hearings. There is no justice!! @SBF_FTX released,” commented @bloquegenesis00.

“Not confused. Disappointed. There is no justice,” she considered @ Liana96793331.

“What stops SBF from robbing the guarantor of $250 million if he robbed the clients of billions?” @abhi_s_tanwar said.

“SBF is still alive. SBF must have given a list of his political beneficiaries to someone and threatened to have his anonymous living associates release that list in the event of his ‘accidental’ death or suicide,” @BoomerRube.

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