The two biggest villains in the crypto world are getting along just fine – for now.
Sam Bankman-Fried has moved back in with his parents
The former head of FTX chose the hospitality of his parents’ house instead of the American prison. It wasn’t difficult, because his parents and their wealthy friends helped the founder of the failed crypto exchange. After the bail of 250 million dollars imposed by the court was thrown at him, SBF might rest assured that if he does not do something big, he can stay in the family nest until the trial in the fall. The probability of this is decreasing day by day, since SBF is constantly breaking the restrictions imposed by the court. Earlier, the authorities found out that he tried to influence several witnesses. Later, he tried to contact his former colleagues once more via VPN, but failed once more. At the last hearing, the judge already indicated that if he continues like this, he may lose his bail and have to go behind bars. Many people don’t even understand why the judge is so lenient with him, since anyone else should have been sent to prison following just one misdemeanor.
Do Kwon can’t have it that bad either
While Sam Bankman-Fried is enjoying house arrest in his parents’ multimillion-dollar house in Palo Alto, the fugitive Do Kwon can’t live too badly either. At least – among other things – this was revealed by the US Securities and Exchange Commission (SEC) once morest Kwon from a filed claim. The SEC thoroughly investigated the finances of the fugitive Terraform Labs executive and found that Kwon was giving himself ample “pocket money”.
Back in May 2022, Kwon transferred more than 10,000 bitcoins to a cold wallet right following the LUNA crash. Since then, the former leader regularly transfers bitcoins from this wallet to an unnamed Swiss financial institution, where they exchange his crypto for fiat currency. During the investigation, the SEC found that from June 2022 until now, Kwon had transferred an amount of regarding 100 million dollars to himself.
Blockchain bandits may be afraid
While not many of us have hundreds of millions of dollars in bitcoin sitting in our secret Swiss account, we probably wouldn’t trade it with Kwon. The head of Terraform Labs will probably use the money raised to finance the down payment of the right people. After that, there probably won’t be too much left over for caviar.
Sam Bankman-Fried although he is still living in luxurious conditions, he is probably well aware that this will not last much longer. At least there can be no other explanation for how two law professors can think of breaking the bail conditions in the presence of their parents.
