Former Stanford Faculty Reveal as FTX Bail Bond Signers; Judge Rules Against Probe
• Former Stanford faculty members signed Sam Bankman-Fried’s SBF bail bonds.
• FTX bankruptcy judge rules against probe and denies motion to appoint independent examiner.
• Judge John Dorsey noted that FTX had appointed independent directors and experts to investigate past actions.
SBF Bond Signers Revealed to be Former Stanford Faculty
Two notable developments took place in U.S. courts today concerning the bankrupt crypto firm FTX and its former CEO, Sam Bankman-Fried. Court documents revealed that two individuals who signed Sam Bankman-Fried’s bail bonds were a Stanford University senior research scientist and a former Stanford Law dean who signed a $200,000 bond and a $500,000 bond, respectively. Bankman-Fried’s parents are professors at Stanford University, leading the former dean to state that his friendship with the family was the reason he posted bail.
FTX Bankruptcy Judge Rules Against Probe
In FTX’s separate bankruptcy proceedings, a judge ruled against an additional independent probe of FTX and denied a motion to appoint an independent examiner. According to Judge John Dorsey, appointing an examiner would cost tens of millions of dollars which would reduce creditors‘ eventual compensation. He noted that FTX had already appointed independent directors and experts with very little connection to FTX to look into the company’s past actions which made him decide that no further probe is necessary.
Court Approved Reveal of Sureties Identities
Judge Lewis Kaplan allowed two individuals who signed Sam Bankman-Fried’s bail bonds to be publicly identified during his criminal trial after approving the reveal of their identities on Jan. 30th despite Bankman-Fried asking for them to remain private on Jan 3rd. As such, the identities of the signers were not disclosed until today (Feb 15th).
Department of Justice Behind Initial Calls for Examiner
The U.S Department of Justice was behind initial calls for an examiner in FTX’s bankruptcy proceedings as recently as Feb 6th before Judge Dorsey ultimately decided against it noting that it was not required by law nor beneficial for creditors in terms of compensation they will receive in return later on down the line due to its costly nature likely surpassing $100 million dollars if implemented properly .
Conclusion
Overall these two developments show how closely connected legal systems are even when dealing with new technologies like cryptocurrency exchanges like FTX whose predecessor Sam Bankman-Fried has been caught up in legal matters recently since its inception till now..