For now, the court is keeping secret who assisted FTX’s bail for Bankman-Fried

The names of wealthy backers who guaranteed $250 million bail for indicted former FTX CEO Sam Bankman-Fried will remain a secret for now.

On Tuesday, attorneys for Bankman-Fried filed court documents showing they plan to appeal a Jan. 30 decision by a Manhattan District Court judge to unseal the names. They are asking that the matter be decided by the Second Circuit Court of Appeals.

The request for the names to be released was made by a group of news organizations who claim the public has a right to the information.

The guarantors allowed the former crypto CEO to post the $25 million in assets needed to stay out of custody while he awaits trial.

U.S. District Court Judge Lewis Kaplan earlier ordered the unsealing Tuesday, believing the guarantors known as bail bonds would be less likely to face the same level of scrutiny and harassment that Bankman-Fried’s parents allegedly received , and given that such information is usually made public.

Judge Kaplan said that if appealed, the matter would be stayed by the district court until 5 p.m. Feb. 14 so that any adversely affected party could seek a stay of the Second Circuit.

Former FTX CEO Sam Bankman-Fried, charged with fraud over the collapse of the bankrupt cryptocurrency exchange, leaves the company after a hearing in Manhattan Federal Court in New York City, U.S., January 3, 2023. REUTERS/Andrew Kelly

Before the full details of the bail agreement were released, court documents showed the bail was secured by a $4 million home owned by Bankman-Fried’s parents and two other people.

Before the district court’s ruling, attorneys for Bankman-Fried argued that the identities of the sponsors should remain confidential to ensure their safety and protect them from harassment.

“In recent weeks, Mr. Bankman-Fried’s parents have been the target of intense media scrutiny, harassment and threats. Among other things, Mr. Bankman-Fried’s parents have received a steady stream of threatening correspondence, including notices expressing a desire to cause them physical harm,” Bankman-Fried’s attorney Mark Cohen argued that the other co-signers public identified could face similar consequences.

In December, the US Department of Justice charged Bankman-Fried with multiple crimes, including wire fraud, securities and commodity fraud, money laundering and campaign finance violations, alleging that he illegally misappropriated FTX client and investor funds.

Convictions on all eight counts of Bankman-Fried combined carry up to 115 years in prison.

Separately, the US Securities and Exchange Commission and Commodities Futures Trading Commission filed civil lawsuits against former crypto mogul FTX.com and Alameda Research.

The right to bail is governed by the 8th Amendment to the US Constitution, which prohibits excessive bail. In setting bail terms, a judge’s job is to ensure public safety and to ensure that the accused appears in court to hear charges.

To mitigate the risk of a defendant fleeing, a judge may impose financial and other consequences that are triggered when a defendant flees from prosecution. In Bankman-Fried’s case, the judge also required the former billionaire to remain in custody with restricted travel, wear an ankle monitor, surrender his passport and refrain from financial transactions over $1,000.

Typically, a defendant is required to pledge assets equal to approximately 10% of the bond amount. In Bankman-Fried’s case, his $250 million bond means he has had to pawn assets totaling around $25 million.

Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on Twitter @alexiskweed.

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