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NEW YORK, NEW YORK – DECEMBER 22: Barbara Fried, the mother of FTX founder Sam Bankman-Fried, arrives for his arraignment and bail hearings at Manhattan Federal Court on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted.  (Photo by Michael M. Santiago/Getty Images)
NEW YORK, NEW YORK – DECEMBER 22: Barbara Fried, the mother of FTX founder Sam Bankman-Fried, arrives for his arraignment and bail hearings at Manhattan Federal Court on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. (Photo by Michael M. Santiago/Getty Images)
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Sam Bankman-Fried’s lawyers say he wants to keep confidential the identities of two people who helped secure his $250 million bail in order to protect them from the threats of physical harm, harassment and intense public scrutiny that his Stanford law professor parents have endured since the collapse of his FTX cryptocurrency exchange.

Ahead of Bankman-Fried’s appearance in court Tuesday, where he pleaded not guilty to charges of wire fraud, conspiracy and more, his attorneys submitted a letter to U.S. District Court Judge Lewis Kaplan, explaining their concerns about the safety and privacy of two people who intend to sign on as sureties for their client’s massive bail package.

Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate Court building after his arrest in Nassau, Bahamas December 13, 2022. REUTERS/Dante Carrer TPX IMAGES OF THE DAY
Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate Court building after his arrest in Nassau, Bahamas December 13, 2022. REUTERS/Dante Carrer TPX 

“In recent weeks, Mr. Bankman-Fried’s parents have become the target of intense media scrutiny, harassment, and threats,” the letter said, referring to Bankman-Fried’s father, Joseph Bankman, and his mother, Barbara Fried, who accompanied him to court Tuesday. The letter said the couple, both longtime professors at Stanford Law School, “have received a steady stream of threatening correspondence, including communications expressing a desire that they suffer physical harm.”

“Consequently, there is serious cause for concern that the two additional sureties would face similar intrusions on their privacy as well as threats and harassment if their names appear unredacted on their bonds or their identities are otherwise publicly disclosed,” the letter continued.

Following Bankman-Fried’s arrest in the Bahamas, where FTX was headquartered, and extradition to the United States, he was allowed to be released from custody, as long as he stays under house arrest and with electronic monitoring in his parents’ Stanford home. He also needed to post a $250 million bond, which is an unprecedented amount for bail, as the New York Times has reported.

The personal recognizance bond approved by a federal judge was secured by the equity in Bankman-Fried’s parents’ home, which is not worth anywhere near that amount, as Bloomberg reported. But outsized bonds are more a means of establishing harsh financial consequences for bail-jumping and are often backed by assets worth only around 10% of the stated amount.

In addition to Bankman-Fried and his parents, the judge asked that the bond be signed by two other people of “considerable means,” neither of whom has been publicly identified. Bankman-Fried’s lawyers have wanted to keep it that way, even as they say they recognize that prior court rulings recognize “a qualified right of public access to judicial documents under the common law and the First Amendment.”

Nonetheless, Bankman-Fried’s lawyers say there is no reason to disclose the names of the two others who helped their client secure his bond, because all other relevant information about the court’s oversight of the bail proceedings will be publicly available.

Bankman-Fried, 30, is charged with eight counts of wire fraud, conspiracy, money laundering and campaign finance violations, related to allegations that he cheated investors and looted billions of dollars from the now-bankrupt FTX, Reuters reported. He is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy luxury real estate in the Bahamas and make millions of dollars in political contributions. If convicted oof all eight counts, he faces up to 115 years in federal prison.

Back in the Bay Area, Bankman-Friend can for the time being enjoy the run of his parents’ 3,000-square-foot home with swimming pool, which is located on a cul-de-sac in the tony Upper San Juan neighborhood in the southern part of the campus. He can only leave the property for substance use treatment, exercise and mental health purposes.

However, because of the threats, sudden global infamy and their cul-de-sac becoming a tourist attraction, Bankman and Fried have turned their home into “a heavily guarded fortress,” the New York Post reported last week. The family is paying about $10,000 a week to have a private Bay Area security firm patrol their grounds around the clock.

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