A federal judge has ruled that the names of two people who co-signed former FTX CEO Sam Bankman-Fried's $250 million bail agreement must be revealed, despite safety concerns.
A federal judge has agreed to release the names of two people who backed Sam Bankman-Fried's bail alongside his parents.
The ruling came after a slew of media companies including the Associated Press, Bloomberg, CNBC, Wall Street Journal and others sued for the information, saying "the public's interest in this matter cannot be overstated."
Bankman-Fried is awaiting trial in a New York federal court on charges including fraud and conspiracy after he allegedly transferred $10 billion worth of his FTX customers' money to his private trading firm, Alameda Research, after it suffered heavy losses.
'Compelling Public Interest'
Pointing out that Bankman-Fried has been "accused of perpetrating one of the largest financial frauds in history" the Jan. 12 filing noted that he is not only accused of misappropriating billions of dollars in order to keep Alameda Research afloat and buy personal homes and other property, he used it to "fund extensive political donations."
The filing argued that there is a "compelling public interest in maintaining the greatest transparency possible in these proceedings." It added that the public:
"Has an interest in knowing who it is that provided Mr. Bankman-Fried with financial backing following this alleged massive fraud and political scandal, particularly given Mr. Bankman-Fried's close relationships with leaders of the financial industry, investors, prominent Silicon Valley billionaires, and elected representatives."
Who Are They?
Along with his parents, two other people co-signed the bail agreement which let the founder and former CEO of FTX, once the second-largest crypto exchange, await trial at home.
The bail's terms required two other people with "considerable" assets to co-sign the bail agreement, Bloomberg said. Their names were kept secret at the request of Bankman-Fried's lawyers, who cited both safety and privacy concerns.
Bankman-Fried's parents have received both hate mail and threats, and in one incident, three men reportedly rammed a car into a metal barricade outside their house on Jan. 19. While they fled after being confronted by a security guard, Bankman-Fried's lawyers told the court "the men said something to the effect of: 'You won't be able to keep us out.'"
Won't Shut Up
Bankman-Fried is having other bail issues. The Justice Department just asked that the conditions of his bail be tightened after Bankman-Fried reportedly reached out to witnesses in the case. He reportedly said:
"I would really love to reconnect and see if there's a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other."
The DoJ wants the judge to ban him from contacting any current or former employees of FTX or Alameda Research.
