Crypto Twitter appears to have been angered by Sam Bankman-Fried’s $250 million bail bond, which allows him to spend Christmas at his parents’ Palo Alto home without having to pay anything up front.
On December 21, the former FTX CEO arrived in New York after traveling from the Bahamas, and on December 22, he made his court appearance. He was granted bail through a “personal recognizance bond,” which is primarily a written promise from the defendant that they will appear for subsequent court dates and not take part in any unlawful activity while out on bail.
As stated in the release agreement filed on December 22, no money was required to be put down with the court, but the bond requirements stipulate that Bankman-Fried’s parents’ five-bedroom Palo Alto home is going to serve as collateral for the $250 million bail.
SBF’s Guarantors
However, some members of the cryptocurrency community on Twitter were perplexed by the $250 million no-upfront-cost bail requirements and questioned how Sam Bankman-Fried was able to deposit the $250 million bail figure since he had earlier said that he had less than $100,000 in his bank account.
Funny how SBF is able to post the $250M bail not long after saying he only had $100k.
So he probably is using stolen customer deposits to stay out of jail.
— Benjamin Cowen (@intocryptoverse) December 22, 2022
According to the terms of the bail agreement, the bond will only be paid if Sam Bankman-Fried fails to show up for upcoming court dates or breaks any other bail terms, such as failing to show up for court sessions or failing to surrender to serve a court sentence.
The guarantors of Bankman-Fried, namely his mother, Barbara Fried, and father, Allan Joseph Bankman, who would be held responsible should SBF fail to abide by the terms of his bail, were instead a source of anxiety for those who had read the court filings.
Crypto Community Reactions to $250 Million Bond
On December 23, the Wall of All Streets Podcast host Scott Melker tweeted that while SBF didn’t have to pay $250 million to avoid going to jail, if he “skips bail,” his parents will have to take on “17 more jobs” to pay the money.
Autism Capital, a vocal crypto Twitter user, further explained the issue by stating that while SBF had not been required to pay any money up front, he had nonetheless placed his parents, relatives, and non-relatives in a challenging position.
https://twitter.com/AutismCapital/status/1606023236021411841?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1606023236021411841%7Ctwgr%5E0bf5c305ac825f1a5320c71e6f8d9aa74d3534a6%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcrypto-twitter-confused-by-sbf-s-250m-bail-and-a-return-to-luxury
While the Regulatory Jason Podcast’s host, Jason Brett, tweeted on December 23 that it might not be fair that SBF is residing in a lavish mansion while on trial, he emphasized to his followers that everyone in the United States is entitled to an equitable trial and the assumption of innocence.
“People are impatient to see @SBF_FTX pay for his crimes. However, the reason America is different is how we treat those accused. Is it fair that he gets to be in a luxury home in a warm climate during trial? “Life isn’t fair, but we can get a shot at the truth of what happened.” Jason Brett tweeted.
In another tweet, Steven McClurg made the implication that SBF’s parents shouldn’t be permitted to use their house as collateral for the $250 million bond because it was purchased with stolen FTX monies.
So @SBF_FTX parents, who bought a home in Bahamas with stolen FTX funds, will use their other home as collateral on the $250mm bail?
— Steven McClurg (@stevenmcclurg) December 22, 2022
Also, several Twitter users found it hilarious that SBF’s bail restrictions did not prevent him from accessing a computer while he was out on parole, as one Twitter user noted that SBF followed him on Twitter.
So @SBF_FTX is out on bail, has no restrictions on his use of computers, and follows me on Twitter. Awkward.
— David "JoelKatz" Schwartz (@JoelKatz) December 23, 2022