On Tuesday, the co-founder of cryptocurrency exchange FTX, Sam Bankman-Fried, pleaded not guilty to fraud in a Manhattan federal court.
Last November the FTX platform collapsed and filed for bankruptcy. Bankman-Fried is accused of using funds deposited by clients of the FTX platform to carry out, without his knowledge, risky transactions through another firm he controlled, Alameda Research.
Sam Bankman-Fried signed his extradition and will return to the United States
He is also suspected of investing some of the money in real estate in the Bahamas and donating some to Democratic politicians, including Joe Biden during his presidential campaign.
It also faces civil lawsuits brought by the SEC, the US markets regulator, and the derivatives regulatory agency, the CFTC.
Bankman-Fried, 30, is out on bail and pleaded before Judge Lewis Kaplan. He pleaded not guilty to all eight charges.
During the hearing, the trader and businessman, in a dark suit and tie, kept silent and let his lawyer, Mark Cohen, speak on his behalf.
Sam Bankman-Fried, FTX Cryptocurrency Mogul, Arrested in Bahamas
Sam Bankman-Fried’s strategy differs from that of Gary Wang, a former FTX executive who pleaded guilty last month and is working with authorities, as is Caroline Ellison, a former head of Alameda Research, FTX’s sister investment firm. .
Judge Kaplan set October 2 as the tentative date for the start of the trial.
The representative of the Manhattan federal prosecutor’s office, Danielle Sassoon, estimated that it will take four weeks for this process, while defense lawyers speak of two to three weeks. The judge did not rule on this point. (YO)
Source: Eluniverso
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