Sam Bankman-Fried Pleads Not Guilty For All Counts In US District Court

SAM BANKMAN-FRIED, the former CEO of FTX, has entered a not guilty plea to all criminal charges. Stemming from the demise of the cryptocurrency exchange. Including wire fraud, securities fraud, and breaking campaign finance laws.

iexclusivenews reports that onJanuary 3, multiple observers in the United States District Court for the Southern District of New York. Reported that SBF’s attorneys had entered a not-guilty plea on his behalf in his first court appearance since December.

Bankman-Fried is charged with eight criminal counts and faces up to 115 years in prison if convicted.

One of the prosecutors in the case against the former FTX executive. Assistant U.S. Attorney Danielle Sassoon, reportedly stated that her team planned to provide SBF’s lawyers with evidence documents within the next two weeks.

According to Reuters, Sassoon was expecting a four-week trial, which was scheduled for Oct. 2 according to court records.

The former FTX CEO had been placed under house arrest at his parents’ home in California since December 22, but he returned to New York for the plea hearing.

Bankman-Fried’s ball was also conditional on him not accessing or transferring any cryptocurrency or assets from FTX or Alameda. Most likely in response to reports that he had moved funds from Alameda wallets while at home, according to Judge Lewis Kaplan.

During the same hearing, the judge granted SBF’s legal team’s request to redact identifying information on individuals acting as sureties on his $250 million bond.

What You Should Know

Bankman-parents Fried’s are said to have been “the target of intense media scrutiny, harassment, and threats” since posting bail in December.

The prosecution’s case against SBF is based on allegations that he and other FTX executives used crypto exchange assets to fund Alameda Research investments. Without the consent or knowledge of users or investors. On November 11, the exchange declared bankruptcy.

Former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang have already pled guilty to related charges.

With the latter claiming FTX was a “borrowing facility” for Alameda from 2019 to 2022.

However, iexclusivenews Nigeria reports that in the midst of the firm’s demise, John Ray took over as CEO, and he also testified before lawmakers in a December hearing.