Disgraced crypto boss Sam Bankman-Fried pleads not guilty to FTX fraud
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Disgraced crypto exchange boss Sam Bankman-Fried pleads not guilty to FTX fraud
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Crypto mogul Sam Bankman-Fried has pleaded not guilty to orchestrating what has been described as “one of the largest financial frauds in American history.”
The former head of collapsed cryptocurrency exchange FTX has entered a plea in a Manhattan court where he faces charges of fraud and money laundering that, if found guilty, could land him up to 115 years in prison end up.
Bankman-Fried, 30, was arrested in the Bahamas last month before being extradited to the US on charges that he stole billions from the exchange’s clients to offset losses at his Alameda Research hedge fund, buy lavish properties and make millions in political donations.
Plea: Disgraced crypto mogul Sam Bankman-Fried has pleaded not guilty to fraud and money laundering charges
The ex-crypto prodigy, once worth nearly £22bn and sharing conference podiums with the likes of Tony Blair and Bill Clinton, suffered a spectacular fall from grace when FTX filed for bankruptcy in November after trying to raise £8bn in funding. fetch failed.
Following his extradition to the US, Bankman-Fried was released on £200 million bail, one of the largest in US history.
His lawyers have requested that the names of the two people who guaranteed his bail be redacted, along with Bankman-Fried and his parents, to protect them from possible harassment, prompting speculation that wealthy individuals could use him. supports.