SBF’s parents argue that their relationship with their son cannot be used as a basis for legal action

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The parents of Sam Bankman-Fried, infamous FTX founder, are yet again caught in the crossfire of accusations in connection to their son’s actions. Charges have been laid suggesting them being cognizant of Sam’s actions, a claim they vehemently deny. It appears the plaintiffs aim to leverage the connection between these parents and the son who was a founder and one of the key executives of the now insolvent cryptocurrency exchange FTX and Alameda Research.

The legal representatives of Bankman-Fried’s parents argue that the parents neither held a directorial position nor any executive role in the defunct crypto exchange. Importance is being placed on proving how Bankman-Fried’s parents were aware of the alleged breaches against him. This issue arose as a result of the jury’s decision to pronounce Bankman-Fried guilty on all fraud counts, citing connections to FTX’s collapse in November 2022. Along these court proceedings, it was alleged that Bankman-Fried fraudulently amassed $8 billion from the exchange’s clients.

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