Sam Bankman-Fried’s family is reportedly paying around $10,000 per week for armed security to protect their California home and themselves amid ongoing threats.
The backlash against SBF, the former CEO of the cryptocurrency exchange firm, FTX, has been harsh. In a shocking turn of events, it has been revealed that Sam Bankman-Fried’s (SBF) family is paying around $10,000 per week for armed security to protect themselves and their California home.
This news comes just two weeks after Bankman-Fried, the CEO of cryptocurrency exchange firm FTX, was arrested in the Bahamas on federal charges related to his company.
Sam Bankman-Fried’s family hires private armed security
The New York Post reports that Sam Bankman-Fried’s parents have hired armed security due to death threats against their son. The ex-CEO of cryptocurrency exchange firm FTX has reportedly received numerous threats following his arrest on federal charges related to his company.
The use of armed security is a precaution taken by the family to ensure their safety amid the ongoing backlash against Bankman-Fried.
Armed security personnel reportedly guard the troubled family’s 3,000 square foot Palo Alto home 24 hours a day. The multi-million dollar home has been fenced in, and security has installed barriers on both ends of the block and placed armed guards at the front gates.
According to sources, since their son’s return, the parents of the fallen wunderkind have reportedly rarely left their home, relying on delivered food and groceries. The family has also added fencing to their property to limit exposure to neighboring student housing and other dwellings.
SBF is the only one who has left the property, going for escorted jogs to relieve stress. The high price tag for the security detail has raised questions about the extent to which wealthy individuals should go to protect themselves and their families.
Some have argued that the cost is justified given the potential danger faced by Bankman-Fried and his family, while others have criticized the move as excessive and potentially harmful to the overall security of the community.
Bankman-Fried crime and arrest
On Dec.13, the 30-year-old was detained in Nassau at the request of the US Attorney’s office for the Southern District of New York.
SBF was accused of conspiring to conduct wire fraud, securities fraud, money laundering, and conspiring to mislead the United States by breaking campaign financing rules.
The troubled 30-year-old was imprisoned in the Bahamas, where his now-defunct crypto enterprise was based, before being deported back to the United States on Dec.21.