On Wednesday, the now-resigned CEO of FTX, Sam Bankman-Fried, arrived in the United States after extradition from the Bahamas. The next day, Bankman-Fried faced trial in New York, where the court granted him bail through a “personal recognizance bond.”
This bond is a written statement by the defendant promising to appear for court cases and not participate in illegal activities while on bail.
Sam Bankman-Fried’s Bail Sparks Outrage On Twitter
Although the bail was good news for the crypto billionaire, the crypto community was unhappy with the court. The court did not ask for a cash deposit per the release agreement.
Instead, the $250 million bond conditions required the crypto entrepreneur’s parent to use their Palo Alto five-bedroom home as collateral. The news sparked outrage on Twitter.
Some users were surprised at how Bankman-Fried got the $250 million bail. Before now, the defendant stated that he had just $100,000 in the bank.
Also, several crypto users quickly pointed out that the court allowed Bankman-Fried to go without dropping a single penny. Furthermore, the bail term stipulates that Bankman-Fried will only pay the bail if he fails to appear for upcoming court proceedings.
Also read:It will also apply if he violates other bail terms. Meanwhile, users have also raised concerns over the guarantors standing for Bankman-Fried, which are his parents.
On Friday, Scott Melker, the host of a podcast called Wolf of All Streets, stated that if Bankman-Fried violates the bail conditions, his parent would have to take “17 extra jobs” to raise the $250 million.
Crypto Community Can’t Wait To See Bankman-Fried In Jail
Meanwhile, Autism Capital, a popular crypto media outlet, tweeted that Bankman-Fried has put his mother, father, and relatives in a tight situation. Also, Jason Brett, another popular podcaster, tweeted that it is unfair for the court to grant Bankman-Fried bail.
According to him, this bail would allow the crypto entrepreneur to report to court cases from home. However, Brett told his followers that everyone deserves a fair trial and is presumed innocent in the US until after trial.
Steven McClurg, the cofounder of Paydrop, also tweeted about the incident. McClurg wondered why the court allowed Bankman-Fried’s parents to use their house as collateral for the bail.
He said they allegedly bought the house using “stolen FTX funds.” Other Twitter users found it hard to believe that the court granted Bankman-Fried bail.
One user, @JoelKatz, tweeted that the bail conditions did not stop Bankman-Fried from using a computer. The crypto community longs to see the crypto entrepreneur pay for his alleged crimes.
Recall that Bankman-Fried earlier appealed for bail in the Bahamas. However, the Bahamian court did not agree to the appeal.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.