• On Jan. 3, 2023, former FTX CEO Sam Bankman-Fried (SBF) pled not guilty to eight criminal charges.
• SBF’s judge Lewis Kaplan granted the defendant’s request to keep the names of his $250 million bond signees redacted.
• SBF’s attorneys filed a motion in order to keep the names of the two signees who signed SBF’s $250 million bond sealed.
On Tuesday, January 3rd, 2023, disgraced former FTX co-founder Sam Bankman-Fried (SBF) pleaded not guilty to eight criminal charges that involve two counts of wire fraud and six counts of conspiracy. In front of judge Lewis Kaplan at a courthouse in Manhatten, SBF’s entourage was swarmed by the press and reports say the crowd was so large „Bankman-Fried’s mother was unable to exit the vehicle.“
SBF’s attorneys had filed a motion in order to keep the names of the two signees who signed SBF’s $250 million bond sealed. The attorneys insisted that SBF’s parents were already dealing with risks from their son’s case and the legal team said it wants to make sure the bail bond’s guarantors don’t suffer the same fate.
Judge Kaplan granted the defendant’s request to keep the names of his $250 million bond signees redacted, but the details of the bond remain. SBF’s bond was interesting because the former FTX executive didn’t have to pay any money at all. His parents had to secure the bond with their house in Palo Alto and four people co-signed the bond. The deal is if SBF does not appear in court or if he breaks his bail conditions, his parent’s Palo Alto home could be on the hook, and the signees could be forced to cover the costs.
SBF’s legal team is now focused on the details of his trial and the future of the FTX exchange. The legal proceedings are expected to be lengthy and complex, and the outcome could have a lasting impact on the future of the cryptocurrency industry.