Sam Bankman-Fried’s family pays $10,000 a week for armed security, sources say

Palo Alto, Calif. — Amid death threats and sudden global infamy, accused FTX fraudster Sam Bankman-Fried and his parents have turned their posh Stanford home into a heavily guarded fortress.

The family pays about $10,000 a week for a private Bay Area security company to patrol the leafy 3,000-square-foot residence with several armed guards working around the clock, sources told the Post.

“They’re nervous,” a source said. “There were death threats. They take no risks. »

Bankman-Fried threw the cryptocurrency into chaos with the collapse of its FTX exchange, which came amid federal prosecutors investigating its alleged illegal use of investors’ money to back its hedge fund Alameda.

He was imprisoned in the Bahamas, where he had created his crypto empire, then extradited to the United States where he is now under house arrest on $250 million bail.

The episode had a significant impact on Bankman-Fried’s father, Stanford law professor Joseph Bankman and his mother Barbara Fried, a tax expert at the same university.

Security patrols the 3,000 square foot Stanford residence.


Sam Bankman-Fried's mother, Barbara Fried, enters the Federal Courthouse at 500 Pearl Street on the morning of December 22, 2022.

Barbara Fried, the mother of fraudster FTX, works as a tax expert at Stanford.


Publicity

FTX founder Sam Bankman-Fried leaves Manhattan Federal Court following his arraignment and bail hearings on December 22, 2022 in New York City.

Sam Bankman-Fried and his parents shell out $10,000 a week for security, sources say.


Publicity

The parents of the toppled prodigy have rarely left the house since their son’s unexpected arrival, sources said, relying mainly on food and grocery delivery.

Wary of prying eyes from all angles, the family also extended the property’s fence to limit exposure to adjacent student accommodation and other homes, multiple sources said.

Joseph is the only one taking cover, having sought to relieve some stress with occasional escorted jogs, sources said.

Stanford officials also took steps to secure the area around the Bankman-Fried property, barricading both ends of their small block and stationing privately contracted security guards to watch the gates.

Sam Bankman-Fried is seen exiting the New York City Courthouse on December 22, 2022 in New York City.

Sam Bankman-Fried was imprisoned in the Bahamas.


The alleged fraudster was placed under house arrest on $250 million bail.

The alleged fraudster was placed under house arrest on $250 million bail.


Publicity

Home of the parents of Sam Bankman-Fried, the former CEO of FTX, in Palo Alto, California, near the Stanford University campus.

Bankman-Fried threw crypto into chaos with the collapse of FTX.


Publicity

Located in a wooded and normally quiet enclave near Stanford University, the Bankman-Fried House has abruptly turned into a tourist attraction and Instagram magnet.

Visitors who have stopped to gaze at the property range from awestruck students to irate neighbors to retired rocket scientists for a weekend bike ride.

A young man came home last week with his dad and told reporters he had “lost everything” with FTX and wanted to get a glimpse of his former hero’s current living quarters. He declined to give his name.

Another woman briefly descended on the scene to take a quick selfie of herself holding a sign demanding justice for those who lost money in the FTX fiasco.

After getting the shot and lamenting the lack of other protesters, she left.

Bankman-Fried, who faces up to 115 years in prison for allegedly siphoning off clients’ money, is due back in court in New York next week.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button