FTX ex-CEO’ lawyers to block the release of bail guarantors’ identities

On Feb 8, 2023

NEW YORK, NY - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. He was released on $250 million bond with the bail package requiring him to stay with his parents in California. (Photo by David Dee Delgado/Getty Images)

The SBF’s lawyers succeed to block the identities of two persons who signed off the $250 million bail bond for SBF.

Sam Bankman-Fried (SBF) is a co-founder & former CEO of the bankrupt crypto exchange FTX. SBF allegedly misused the FTX customer’s fund for personal benefits and at present, he is facing legal hurdles because of the multiple fraud charges filed by FTX creditors & some government agencies. Despite such big allegations, SBF is living with his parents on behalf of a $250 million bail bond, which was signed off by his parents & other two unidentified persons.

On 7 Feb 2023, The SBF lawyers filed a document to keep the two bail guarantors’ names in the private domain citing privacy issues.

Now, the name of SBF’s bail guarantors will remain in the private domain until 14 Feb. For this request, SBF lawyers were not required to provide any critical information.

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But the US district court judge introduced a new change in the SBF’s bail to prohibit his communication with other FTX or FTX-related employees. In the $250 million bail bond, SBF was allowed to use certain messaging apps but he misused that power to communicate with the FTXUS president, which was a violation of his bail.

Earlier this, on 30 Jan 2023 Court judge Lewis Kaplan granted the motion filed by the lawyers on behalf of eight media companies to unseal the name of those two anonymous guarantors, who helped SBF to get bail.

In the latest ruling, the district court judge failed to disclose any information about why the court rejected the appeal to unseal guarantors’ names but confirmed that the next hearing on this subject will take place on 9 Feb.

Recently the FTX bankruptcy team released a notice to order all the politicians to return the donations that they received on behalf of the FTX former officials. FTX team confirmed that they will take legal action if any politician will not return funds.