Every day brings a new and exciting chapter in the FTX affair. A recent revelation puts Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, at the heart of the FTX story. They are said to have played a key role in the initial success of FTX.
Joseph Bankman and Barbara Fried played a key role in the initial success of FTX
Sam Bankman-Fried, the renowned founder of FTX, quickly rose through the ranks of the cryptocurrency world thanks to the success of his platform. However, a recent revelation reveals a little-known aspect of his career path: the significant influence of his parents, Joseph Bankman and Barbara Fried, in the evolution of this company.
According to a report by Bloomberg, in the early stages of FTX, SBF parents were major players. They contributed their expertise in various fields such as marketing, advertising and even the launch of FTT, the native cryptocurrency of FTX.
Their vast network and expertise opened doors for Sam. Doors he might never have been able to reach without them.
This report also highlights Joseph Bankman‘s direct involvement in a FTX advertising campaign broadcast during Super Bowl 2022, valued at $20 million.
However, despite their contribution to the initial growth of FTX, the company suffered a collapse in November 2022, prompting investigations and lawsuits against Sam Bankman-Fried for a multi-billion dollar fraud.
No charges against the Bankman family despite their involvement in FTX
To date, no formal indictment has been brought against the parents of SBF. After the fall of FTX, Joseph Bankman and Barbara Fried maintained a certain distance from the operations of the bankrupt company.
According to Bloomberg, they benefited from their involvement by raising over $26 million and acquiring real estate, thanks to their active role within the company.
As a result, prosecutors handling the case plan to take a close look at the legal advice Joseph Bankman provided while serving as the platform’s CEO. If this information proves to be true, it could potentially make him major player in the tumultuous management which led to FTX’s downfall.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.