Sam Bankman-Fried's Family Shelling Out $10K Per Week For Armed Security To Protect Disgraced FTX Founder From Death Threats
Sam Bankman-Fried’s parents are paying nearly $10,000 per week for armed security to protect their son, themselves, and their California home amid the ongoing fallout and backlash against the embattled FTX founder, RadarOnline.com has learned.
The shocking development comes two weeks after the disgraced 30-year-old cryptocurrency exchange entrepreneur was arrested in the Bahamas on a myriad of federal charges connected to his now-defunct crypto company FTX.
According to the New York Post, Bankman-Fried’s parents – Stanford University Professors Joseph Bankman and Barbara Fried – felt forced to hire armed security after their son began receiving death threats from his former followers.
“They’re nervous,” one source close to the family said. “There have been death threats. They’re not taking any chances.”
The armed security reportedly patrols the embattled family’s 3,000 sq. ft. Palo Alto home 24/7 and has even expanded fencing on the multi-million-dollar property.
Security has also reportedly positioned barricades on both ends of the neighborhood block and stationed armed guards at the front gates to the property.
As RadarOnline.com previously reported, news that Bankman-Fried’s family is shelling out upwards of $10,000 per week to protect the alleged crypto conman comes as Bankman-Fried faces more than 100 years in federal prison for losing nearly $51 billion of his customers’ money during FTX’s collapse in November.
The 30-year-old was arrested in Nassau on December 13 at the request of prosecutors from the US Attorney's office in the Southern District of New York.
He was charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud, laundering money, and conspiring to defraud the United States in the form of violating campaign finance laws.
The embattled 30-year-old was subsequently jailed in the Bahamas – where his now-fallen crypto empire was located – and then ultimately extradited back to the United States on December 21.
Bankman-Fried was then released from U.S. custody on a $250 million bail and will remain on house arrest in his parents’ custody until he reports back to court in New York on January 3.
If found guilty of the eight criminal charges against him, Bankman-Fried faces 115 years in federal prison.
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