The FTX collapse continues to occupy the agenda. The arrested FTX founder and former CEO, Sam Bankman-Fried, was recently released on bail of $250 million. Now, major media outlets are waiting for an explanation from the court as to who got Sam Bankman-Fried out. Here are the details…
$250M bail that freed FTX founder under scrutiny
A wide variety of major media groups have taken legal action to reveal the identities of the two parties who signed Sam Bankman-Fried’s $250 million bail bonds and were not SBF’s parents. Following the collapse of crypto exchange FTX, Bankman-Fried was arrested in the Bahamas. He was then extradited to the United States to face a series of charges by federal prosecutors. In late December, a US judge released Bankman-Fried on $250 million bail backed by two other parties, whose parents and lawyers requested that he remain anonymous, citing privacy and security concerns.
Media outlets such as the Associated Press, Bloomberg, Financial Times, CNBC, Reuters, Wall Street Journal, Washington Post presented a document Thursday to US District Judge Lewis Kaplan in the Southern District of New York. “Public interest in this issue cannot be overstated,” the document said. Mr. Bankman-Fried is accused of committing one of the biggest financial frauds in history.” “The reasons for keeping these names secret or private outweigh the massive public response to their identities,” law firm Kolis said in a document.
Also, the document states, “The public has a clear and strong interest in who these allies might be. The risk of illegitimacy and public scandal cannot be assessed without knowing who the guarantors of Bankman-Fried are. Bankman-Fried’s lawyers cited physical threats to keep the details private. SBF denied all charges, including electronic fraud and money laundering, and was released on bail on December 22.
FTX’s partnerships are ending
Meanwhile, many partnership agreements that FTX has established in the past years have begun to come to an end with the news of bankruptcy. Most recently, Miami-Dade, one of the most populated areas in the USA and home to the NBA team Miami Heat, has dissolved its partnership with FTX. A judge has ordered the immediate termination of the naming rights agreement between both parties at the FTX Arena. cryptocoin.com As we reported, in June 2021, the two parties signed a $135 million, 19-year deal for FTX to become the naming rights partner of the playing field of the three-time NBA champion Miami Heat.
The termination of FTX’s sponsorship deal with Miami Dade is the latest to hit the headlines following the spectacular collapse of the $32 billion crypto empire in November. On November 11, the Mercedes AMG Petronas F1 team announced the suspension of its partnership with the crypto exchange. Then the Formula 1 team removed FTX’s brand name from their racing cars.
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