Despite Sam Bankman-Fried’s opposition, the identities of those who posted bail to keep him out of jail have finally been disclosed. In addition to Sam Bankman-Fried’s parents, Larry Kramer and Andreas Paepcke contributed to the bail payment for the former FTX CEO’s release. The two academics, who are attached to Stanford University, say they have no business ties to SBF but helped him out of friendship for his family.
The two benefactors finally revealed
After the collapse of FTX, many observers expected Sam Bankman-Fried to go to jail for his risky management. It came as a surprise when the CEO was announced free after having “disbursed $250 million”. The public was curious to know who had paid this huge bail for SBF. The ex-CEO had always opposed the disclosure of the identity of his two benefactors. This secret is now public.
According to court documents consulted by our colleagues from Reuters, academics Larry Kramer and Andreas Paepcke helped SBF’s parents to pay the bail for his release. Larry Kramer, who is the dean emeritus of Stanford Law School, signed a $500,000 bond. Andreas Paepcke, a computer scientist at Stanford University, signed for $200,000.
Close friends, not business associates
Contrary to what many people might imagine, Larry Kramer and Andreas Paepcke have no business relationship with Sam Bankman-Fried. The two benefactors also say they have no comment on the lawsuit related to the collapse of FTX. Their participation in Sam Bankman-Fried’s bail payment is just out of gratitude and appreciation to the family.
Indeed, SBF‘s parents, Joe Bankman and Barbara Fried have been close friends of the Larry Kramer family since 1990. When Larry Kramer has encountered difficulties, the SBF family has always been there.
For the past two years, as my family faced a trying battle with cancer, they have been the most genuine friends – bringing food, providing moral support and stepping in frequently at any time to help. In turn, we have sought to support them as they face their own crisis.
Many FTX victims doubted that SBF had used their stolen funds to post bail. The release of the identities of the two contributors to SBF’s release bond does not dispel their doubts. Based on the amounts Larry Kramer and Andreas Paepcke paid, the bulk of the $250 million bail was paid by SBF’s parents. Where did they get the rest? There is no guarantee that this amount did not come from SBF’s pocket.
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