- Sam Bankman-Fried’s parents were reportedly involved with FTX’s decision-making process.
- Joseph Bankman and Barbara Fried were involved in marketing, advertising, and several other roles.
- A report by Bloomberg claimed that Bankman-Fried’s father was closely involved with FTT’s launch.
Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, reportedly involved his parents in his exchange’s decision-making processes. Joseph Bankman and Barbara Fried were reportedly involved in several aspects of the exchange’s operations, including marketing, advertising, and even the launch of the FTX Token (FTT).
According to a report by Bloomberg, Sam Bankman-Fried’s parents played a significant role in the launch of FTX. They helped the former crypto billionaire through their extensive network and unlocked opportunities that would otherwise be unavailable to a non-industry insider. Bankman and Fried were well-known personalities at Stanford University, where they taught in law school for over three decades.
Following the collapse of FTX in November 2022, SBF’s parents have steered clear of the legal scrutiny and more or less refused any involvement in the defunct crypto exchange’s operations. However, the parents profited to the tune of over $26 million (cash, real estate, etc.) from the exchange’s proceeds.
While SBF faces multiple lawsuits for orchestrating the multi-billion dollar FTX fraud, no formal charges have been brought against his parents yet. Bloomberg reported that the parents are yet to deliver a full accounting of their roles in helping their son build the crypto giant, which valued him at approximately $26 billion at the height of FTX’s popularity.
People familiar with the matter told Bloomberg that Bankman was directly involved in a $20 million FTX commercial that aired during the 2022 Super Bowl. Additionally, prosecutors in charge of the case have indicated that they may highlight the legal advice that SBF sought from his father while he served as the exchange’s chief executive.
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