- Sam Bankman-Fried involved his parents in FTX exchange’s decision-making procedures.
- After FTX’s downfall, SBF’s parents avoided legal investigation and participation.
- SBF’s parents allegedly played a role in a $20 million advertisement.
Reports indicate that Sam Bankman-Fried, the founder of the insolvent cryptocurrency exchange FTX, incorporated his parents into the decision-making procedures of his exchange. His parents, Joseph Bankman and Barbara Fried, allegedly engaged in various facets of the exchange’s functions, encompassing areas such as marketing, advertising, and even the FTX Token (FTT) introduction.
Bloomberg‘s report indicates that the parents of Sam Bankman-Fried were instrumental in establishing FTX. Their vast connections provided the ex-crypto billionaire with access to opportunities that would typically be inaccessible to those outside the industry. Bankman and Fried were recognized figures at Stanford University, having served as law school faculty for over 30 years.
After FTX’s downfall in November 2022, the parents of SBF have consciously avoided any legal investigation and largely declined participation in the operations of the now non-operational cryptocurrency exchange. Nevertheless, they have gained significantly from the exchange’s earnings, amassing over $26 million in cash, real estate, and other forms.
Despite being embroiled in numerous legal battles over the alleged FTX scam worth billions of dollars, SBF’s parents have not been officially charged. According to Bloomberg, the parents still need to explain their involvement in assisting their son in establishing the cryptocurrency behemoth. At the peak of FTX’s fame, their son’s valuation was roughly $26 billion.
Sources close to the situation informed Bloomberg that Bankman played a direct role in a $20 million FTX advertisement broadcasted during the 2022 Super Bowl. Furthermore, the prosecutors handling the case may emphasize the legal counsel that SBF received from his father during his tenure as the exchange’s CEO.
