SBF's Father Played a Crucial Role in FTX's Saga: Report

SBF Family Ties and FTX

Recent reports from Bloomberg suggest that Joe Bankman, a law professor at Stanford and SBF's father, had a more significant role in advising FTX than previously known. 

For instance, it has been reported that Larry David, of "Curb Your Enthusiasm" fame, starred in a commercial for FTX during the 2022 Super Bowl. This connection highlights the familial enthusiasm for FTX's endeavors.

Former employees have indicated that SBF frequently consulted his father on legal matters. Whenever there was a legal suggestion or concern raised by an employee, it was not uncommon for SBF to mention that he needed to "call Joe" before making any decisions.

The former staff members have disclosed that Bankman helped draft early legal documents for the company. Invoices from FTX's law firm even list him as an attendee in meetings, indicating his involvement in developing marketing materials for FTX's native cryptocurrency, FTT.

‍

The $10 Million Gift

One eye-catching detail that surfaced is the alleged $10 million gift from SBF to his father, Joe Bankman, from company funds. This significant sum was reportedly intended to fund SBF's legal defense. The circumstances surrounding this transaction have raised questions and garnered attention within the cryptocurrency community.

Another intriguing development is the ownership of a $16.4 million home in the Bahamas, registered under the name of Bankman-Fried's parents. SBF contends that this lavish property was intended for company staff. However, the situation surrounding the ownership and usage of this property remains a subject of scrutiny.

These revelations add a layer of complexity to the story of FTX's rise and fall.