SBF's Dad Kept Sticking His Fingers in Ears During Court Hearing

Sam Bankman- Fried, the disgraced former CEO of FTX, had his first court hearing on Tuesday. The hearing was like the entire FTX implosion.

SBF, who is known to use Emsam patches, had to leave the courtroom to apply a new patch before the proceedings started. The question of whether to assign SBF cash bail was on the verge of causing her to drink.

I don't drink on good days. The judge told the courtroom to ask anyone. I was going to drink.

Bankman- Fried's parents, as well as respected law professors, were present. The parents sat three rows back from SBF's seat.

The report states that they appeared to oscillate between dejection and defiance, at times holding their heads in their hands. "Bankman-Fried's mother audibly laughed when her son was referred to as a 'fugitive' and his father put his fingers in his ears as if to drown out the sound of the proceedings."

The parents of SBF have emerged as interesting figures in the FTX saga.

Bankman, a tax law expert who has testified before Congress on matters related to tax reform, was a bankrolled FTX employee with a large hand in the company's charity efforts. Fried wasn't known to be getting any FTX paychecks, but The New York Times has written extensively about "effective altruism", an ideology that SBF once publicly swore to. SBF has admitted that his outward embrace of effective altruism was mostly a front.

Bankman and Fried are still in their son's inner circle as parents, but also as legal advisers, according to the NYT. The professors have some big questions to answer about the amount of luxury real estate bought with FTX cash.

According to a report from November, FTX and the Bankman- Fried family owned 19 properties in the country. According to the New York Times, Bankman and Fried's names are listed on the deed of a home in Nassau's Old Fort Bay which is worth about $16.4 million. The professors never intended to and never believed they owned the house. The mansion was listed as a "vacation home" in June, according to documents.

Enjoying the spoils of what was once a well-regarded, multi-billion dollar company is not a crime, and there is no evidence that Bankman or Fried were aware of any wrongdoing.

The Bankman- Fried clan has a long way to go. Bankman might need to get a bit more comfortable with the charges his son is facing, considering that this was just the first court appearance in what will likely be many in the weeks, months, and even years to come.

Sam Bankman- Fried's first court hearing after his arrest.

The new CEO of FTX says the company did "old fashioned Embezzlement".