Sam Bankman-Fried, the founder of the defunct cryptocurrency alternative FTX, is said to have involved his parents in the decision-making procedures of his alternatives. According to reports, Joseph Bankman and Barbara Fried were involved in a variety of aspects of the exchange’s activities, including advertising, promotion, and even the introduction of the FTX Token (FTT).
According to a Bloomberg story, Sam Bankman-Fried’s parents had a significant role in the establishment of FTX. Through their active community, they were able to assist the former crypto billionaire and uncover options that could otherwise be closed off to someone outside the field. At Stanford University, where they taught law for more than three years, Bankman and Fried were well-known figures.
SBF’s parents have mostly avoided legal scrutiny since the collapse of FTX in November 2022 and rejected any role in the business activities of the now-defunct cryptocurrency exchange. Nevertheless, the mother and father received more than $26 million in benefits from the exchange (cash, real estate, etc.).
While SBF is being sued repeatedly for arranging the multibillion dollar FTX fraud, no legal charges have been brought against his parents as of yet. According to Bloomberg, the parents have yet to provide a thorough accounting of their contributions to helping their son create the crypto industry, which valued him at about $26 billion at the height of FTX’s recognition.
According to people familiar with the situation, Bankman was immediately involved in a $20 million FTX commercial that ran during the 2022 Super Bowl. Additionally, the case’s lead prosecutor has hinted that they may highlight the legal advice that SBF requested from his father when he was the alternate’s head minister.