Feb 16, 2023
Stanford Law Dean Co-Signs SBF’s Bail for Family’s Loyalty
Two prominent figures in the world of web3 have stepped forward to co-sign the bail of former FTX CEO, Sam Bankman-Fried. Larry Kramer, a former dean of Stanford Law School, and Andreas Paepcke, a senior research scientist at Stanford University, have both signed bonds to guarantee Bankman-Fried’s bail, with Kramer signing for $500K and Paepcke for $200K.
In an emailed statement to Cointelegraph, Kramer said that he and his wife have been close friends with Bankman-Fried’s parents, Joe Bankman and Barbara Fried, since the mid-1990s. He said that Bankman and Fried had provided food and moral support for his family during a “harrowing battle with cancer” over the past two years, and that he had co-signed the bail as a way to return the favor. Kramer also noted that he had no business dealings or interests in the matter other than to help his friends.
Paepcke has not responded to questions by the time of publication, and there appears to be little information connecting him to Bankman-Fried outside of their association at Stanford University, where the two used to be law professors.
The names of the guarantors were released after eight major media outlets petitioned United States District Judge Lewis Kaplan in a Jan. 12 letter. Bankman-Fried’s lawyers had sought to keep the two anonymous, arguing that they could be subject to intrusions, threats and harassment if their names were made public. Kaplan disagreed, however, noting that the two had voluntarily signed individual bonds in a “highly publicized criminal proceeding.”
The crypto community is abuzz with speculation about what this could mean for the future of web3 and the crypto world. Bankman-Fried is a leading figure in the NFT space, and his company, FTX, is a major player in the crypto markets. FTX is known for its innovative NFT marketing campaigns and its agency, Alameda Research, is a leading web3 agency. Their promotion of NFTs through Twitter has been widely praised and their marketing strategies have been credited with helping to increase the popularity of NFTs.
It remains to be seen how this situation will play out, but it is clear that Bankman-Fried has powerful allies in the web3 world. With Kramer and Paepcke’s help, Bankman-Fried can continue to pursue his vision of selling NFTs and promoting the web3 space.
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