Crypto Twitter has seemingly taken issue with Sam Bankman-Fried’s $250 million bail bond, allowing him to spend Christmas in his parent’s Palo Alto home without paying a single dime upfront.
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The former FTX CEO arrived in New York from the Bahamas on Dec. 21 and appeared in court on Dec. 22 where he was released on bail via a “personal recognizance bond” — essentially a written promise from the defendant that they will show up for future court appearances and not engage in any illegal activity while out on bail.
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According to the release agreement filed on Dec. 22, no cash was required to be deposited with the court, but the bond conditions see to it that Bankman-Fried’s parent’s five-bedroom home in Palo Alto will be used as collateral for the $250 million bond.
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Some of the crypto community on Twitter were initially confused by the $250 million no-upfront-cost bail conditions, questioning how Sam Bankman-Fried was able to post the $250 million bail figure after he previously claimed he had less than $100,000 in his bank account.
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Under the bail agreement, the bond is only paid up if Sam Bankman-Fried doesn’t appear for future court appearances or violates other conditions of his bail, such as appearing for court proceedings and surrendering to serve a court sentence.
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Meanwhile, those who reviewed the court documents instead shared concerns over Bankman-Fried’s guarantors — including his father, Allan Joseph Bankman, and mother, Barbara Fried, who would be on the hook should SBF violate the conditions of his bail.
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Host of the Wall of All Streets Podcast Scott Melker tweeted on Dec. 23 saying that while SBF didn’t have to pay $250 million to stay out of jail, if he “skips bail,” his parents will have to work “17 extra jobs” to come up with the money.
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Vocal crypto Twitter user Autism Capital elaborated on the matter explaining that while he has not had to pay any money upfront, he has put his parents, relatives, and non-relatives in a difficult situation.
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While the host of the Regulatory Jason Podcast, Jason Brett, tweeted on Dec. 23 that while it might not be fair that SBF is staying in a luxurious home while on trial, he reminded his followers that everyone in the United States is entitled to a fair trial and the presumption of innocence.
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Steven McClurg tweeted a statement implying that SBF’s parents shouldn’t be allowed to put up their home as collateral on the $250 million bail as the home was bought with “stolen FTX funds.”
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Related: SBF sent home after his parents put up their house to cover his astronomical bail bond
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Some Twitter users also found it amusing that SBF’s bail conditions did not restrict him from using a computer whilst being released on bail.
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