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HomeNewsFTX CEO Sam Bankman was released on bail!

FTX CEO Sam Bankman was released on bail!

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Sam Bankman-Fried, the CEO of FTX, was found ‘chilling’ in an airport lounge at John F. Kennedy International Airport in New York City on a $250 million bail bond. The bail bond was posted after Bankman-Fried was arrested in October 2019 on fraud and money laundering charges

FTX CEO, Sam Bankman-Fried
FTX CEO, Sam Bankman-Fried

FTX bankruptcy got questioned after Sam Bankman’s bail

Bankman-Fried was released from custody on a $250 million bond and allowed to travel in the United States. He was spotted at the airport lounge, where he was seen taking selfies with fellow passengers. Bankman-Fried’s arrest and subsequent bail bond have raised questions about the nature of his business activities and their risks.

The photographs sparked further questions about how SBF, despite having control of his smartphone and laptop device, informed Maxine Waters, chair of the US House Financial Services Committee, that he possessed no exposure to his personal or business data.

Others questioned how SBF was able to buy the business-class tickets given that FTX was in the process of filing for bankruptcy. A member of the community said mockingly that it was great to see consumer contributions still being used for good.

Also Read: https://5minutecoins.com/senator-toomey-commented-on-the-ftx-catastrophe

Recent findings

According to a new court document, the collapsed cryptocurrency exchange FTX gave Sullivan & Cromwell LLP (S&C) a $12 million fee just before declaring Chapter 11 bankruptcy. Since August 26, 2022, FTX has paid S&C for its legal services in an amount close to $3.5 million.

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