Last week, news organizations from all over the world reported that FTX Bankman-Fried, the company's founder, would be released from jail after posting a sizable bail of $250 million. The largest pretrial bail, according to Assistant US Attorney Nicholas Roos, was set in court. However, it was discovered that there is not a single genuine penny in this $250,000,000; Fried was released from prison without making a single payment.
Experts claim that the guarantor typically charges between 10% and 15% of the total amount in cash for the release of collateral in a federal case. 15% of $250 million, in the case of the enormous Bankman-Fried sum, is $37.5 million. However, Bankman-Fried made no bail payment at all.
A second method of receiving a deposit exists. The full amount of the deposit may be put down by the defendant or someone acting on his behalf. The mortgaged property then appears in court if the defendant doesn't show up. In Bankman-Fried's situation, this would entail the need for a guarantor who would mortgage the property for a sum of $250 million. But neither of those things happened. Instead, Bankman-Fried's parents agreed to put their Palo Alto, California, house (where he will also be placed under house arrest) up as collateral. Rumor has it that a Palo Alto home is only worth $4 million. And for a $250 million guarantee, the entire amount of collateral promised was this. There is no additional collateral pledged or placed.
So where did the $250 million figure come from? Great inquiry.
Bankman-Fried was merely released from custody with his parents' guarantee. A solemn promise by Bankman-Fried to pay the court $250 million if he fails to show up for court at the scheduled time is included in his bail, along with a similar promise by his parents.
Bankman-Fried signed a document promising to pay the court $250 million if he decided to leave the country, so it turns out that he left the court essentially free.
The prosecutor's office tried to portray this as a very onerous bail condition, which was absurd, but the millions of customers Bankman-Fried duped are not laughing.
While he awaits trial in the case involving his collapsed cryptocurrency empire, the former FTX CEO is also prohibited from opening any new credit lines with a value greater than $1,000. For a man who once oversaw a $32 billion crypto empire, Bankman-Fried has previously claimed that his wealth has fallen to just $100,000.
Regarding the technical picture of bitcoin today, everything came to a complete stop after it bounced off the crucial level of $16,600. The resistance of $17,400 restricts growth. However, in the event of renewed pressure, the focus will be on safeguarding exactly $16,600, as a breach by the sellers would deal the asset a relatively serious blow. The pressure on bitcoin will increase as a result, creating a direct route to $15,560 and $14,650. The world's first cryptocurrency will "drop" between $14,370 and $13,950 when these levels break. Only after bitcoin has been released above $ 17,460 can the discussion turn to restoring equilibrium and ending the "panic" mode. Breaking through this region will cause it to retrace to a significant resistance at $18,101 and provide an opening for a test of $18,720.
The breakdown of the nearest resistance at $1,344 is what ether buyers are concentrating on. This will be sufficient to cause substantial market changes and halt a new bearish wave. Fixing the rate above $1,344 will diffuse the situation and put the remaining funds back into the ether with the possibility of a correction in the hope of raising the maximum to $1,466. The more distant target will be the $1,571 region. The $1,073 level, which was recently formed, will come into play when the pressure on the trading instrument resumes and the $1,198 level of support breaks. Its innovation will raise the trading instrument's price to at least $999. For those who own cryptocurrencies, it will be very painful below $934 and $876.