FTX Ex-Chief Pleads Not Guilty

Sam Bankman-Fried, the former head of the scandalous FTX crypto exchange, has pleaded not guilty to eight criminal charges regarding FTX bankruptcy

FTX Bankman-Fried not guilty

Sam Bankman-Fried (SBF) appeared before the US District Court in New York City and pleaded not guilty to eight criminal charges, incriminated with regard to the FTX bankruptcy, including wire fraud, conspiracy to commit money laundering and conspiracy to misuse customer funds.

The central figure of the FTX scandal was arrested last month and granted $250 million bail in the US. SBF is to face trial in October 2023. If found guilty, he faces over 100 years in prison. The anticipated process could turn into a lengthy legal battle.

Besides, the former FTX CEO is also charged by the SEC and CFTC. Therefore, SBF might face hefty fines besides possible imprisonment.

Two top FTX and Alameda executives, Carolyn Ellison and Gary Wang, had already pleaded guilty to several criminal charges and are cooperating with the investigation into the bankrupt exchange. They are also facing civil penalties from the SEC and CFTC alongside criminal charges.

Bankman-Fried’s lawyers have also filed a letter to the court seeking redactions of the personal details of two individuals who are expected to become guarantors of his $250 million bail package.

As the former CEO of the notorious crypto exchange stays under house arrest, his parents “have received a steady stream of threatening correspondence, including communications expressing a desire that they suffer physical harm.” Therefore, other people involved in the case seek the protection of their privacy.

SEE ALSO:

FTX Users in Japan to Withdraw Funds Starting Feb. 2023

FTX & Alameda Execs Plead Guilty to Criminal Charges

IRS Seeks Partnership with Crypto Companies to Fight Crime