Feb 16, 2023

Stanford Law Dean Co-Signs Sam Bankman-Fried’s Bail Out of Gratitude

Two prominent figures in the web3 space have stepped forward to guarantee the bail of Sam Bankman-Fried, the former CEO of FTX cryptocurrency exchange. Larry Kramer, the former dean of Stanford Law School, and Andreas Paepcke, a senior research scientist at Stanford University, both agreed to co-sign the bail for Bankman-Fried.

Kramer signed for $500K and Paepcke for $200K. Kramer said he did so as a way to show his gratitude to Bankman-Fried’s parents, Joe Bankman and Barbara Fried, who had supported his family during a difficult time.

“Joe Bankman and Barbara Fried have been close friends of my wife and I since the mid-1990s,” said Kramer in an emailed statement to Cointelegraph. “Over the past two years, Bankman and Fried provided food and moral support while frequently stepping in at moment’s notice to help [us] during our battle with cancer. In turn, we have sought to support them as they face their own crisis.”

Kramer emphasized that he had not been influenced to act as guarantor by any payments made to him by any FTX-related entity.

The crypto community has been searching the web looking for more details on Paepcke, but there appears to be little information connecting him to Bankman-Fried outside of their association at Stanford University, where Bankman and Fried used to be law professors.

United States District Judge Lewis Kaplan had allowed the identities of the two guarantors to be made public on Feb. 15, after being petitioned by eight major media outlets in a Jan. 12 letter. Bankman-Fried’s lawyers had sought to keep the two anonymous, arguing that the pair could be subject to intrusions, threats and harassment if their names were made public. Kaplan disagreed, however, noting that the pair had voluntarily signed individual bonds in a “highly publicized criminal proceeding,” and had therefore opened themselves up to public scrutiny.

The news of the guarantors signing Bankman-Fried’s bail comes as the web3 space is experiencing a surge in activity. The popularity of NFTs is at an all-time high, with more and more individuals and organizations looking to take advantage of the benefits that the technology has to offer.

As a result, there has been an increasing demand for NFT marketing and promotion, with many companies offering services to help brands and creators maximize the potential of their NFTs. This includes services such as Twitter NFT marketing, NFT marketing agency services, and web3 agency services to assist with selling NFTs.

It remains to be seen how the situation with Bankman-Fried will play out, but it is clear that the web3 space is continuing to grow and evolve. With more and more people discovering the potential of NFTs and other blockchain-based technologies, it is likely that the industry will continue to expand in the coming years.

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