Explorer

Ex-FTX CEO Sam Bankman-Fried To Enter 'Not Guilty' Plea In Fraud Case

The ongoing prosecution case gained weight against Bankman-Fried as two of his former associates pleaded guilty to seven and four different criminal allegations, respectively.

Sam Bankman-Fried, the former CEO of the embattled crypto exchange FTX, will enter a not-guilty plea on Tuesday, January 3. He is expected to file a plea of not guilty to multiple criminal charges levelled against him for allegedly cheating investors in the company. Bankman-Fried has also been accused of looting billions of dollars from the FTX firm that went bankrupt in early November last year. According to a Reuters report, he will appear before US District Judge Lewis Kaplan on Tuesday in Manhattan. His lawyer has not commented on the matter.

In most criminal cases, defendants start pleading not guilty, and they are at liberty to change their plea during the later stages of the case hearing.

ALSO READ: Bitcoin Turns 14: Trends That Might Facilitate The Oldest Crypto’s Growth In 2023

Bankman-Fried has been out on bail after signing a $250 million bond package and agreeing to be placed under house arrest at his parents' home. This happened after his extradition from the Bahamas in December 2022. His company was based out of the Bahamas, where he also resided. In the wake of his release on bail, he has been under tight media glare and monitoring.

ALSO READ: Digital Ruble Bill Introduced In Russian Parliament As Country Plans New Power Plants

He has been charged with multiple frauds and several conspiracy allegations. These include money laundering and financial violation cases. Bankman-Fried could be put behind bars for up to 115 years, provided that he is convicted.

He has been accused of misusing FTX customers' deposit money to assist his Alameda Research hedge fund in illegal ways. According to a Reuters report, he made millions of dollars and purchased real estate.

In the past, he said that he made many mistakes in operating the company, but he did not think he had any criminal liabilities. After he established the FTX in 2019, he rose up to be a billionaire as his firm became hugely successful in the crypto industry.

ALSO READ: Crypto Regulation, Prohibiting Unbacked Assets Priority For India During G20 Presidency: RBI

The ongoing prosecution case gained weight against Bankman-Fried as two of his former associates filed guilty pleas earlier. Caroline Ellison, Almeda Research's head, and Gary Wang, former chief technology officer of the FTX, pleaded guilty to seven and four different criminal allegations, respectively.

Ellison informed the prosecutors that she was in agreement with Bankman-Fried to hide the borrowing of large sums of money from the firm. They both kept it a secret from investors, lenders, and customers.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'System Ki Dhajjiyan Uda Rahen Hain': Hardeep Puri Jabs Kejriwal At ABP Shikhar Sammelan 2024
'System Ki Dhajjiyan Uda Rahen Hain': Hardeep Puri Jabs Kejriwal At ABP Shikhar Sammelan 2024
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Advertisement
for smartphones
and tablets

Videos

Mukhtar Ansari's Death: Post-Mortem Conducted In Banda, VideotapedABP Shikhar Sammelan 2024: Anurag Thakur Stresses That No Election Comes Without Challenges'I Have Studied Kejriwal's Graph, When He Speaks Against Modi Ji, It Drops': BJP Leader & Minister Of Urban Development Hardeep Puri'Murkhta Ke 3 Levels Hote Hai': BJP Leader &  Minister of Urban Development Hardeep Puri At ABP Shikhar Sammelan 2024

Photogallery

Embed widget