1 year ago
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First trial date set
Former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, has pleaded not guilty to eight criminal charges, including fraud. reported by foreign media.
Bankman-Fried has been indicted by the U.S. Department of Justice and the Federal Bureau of Investigation (FBI) for fraud, money laundering and illegal campaign financing in connection with the FTX Group bankruptcy. After the arraignment, it was decided that the trial will start on October 2nd.
Bankman-Fried appears in New York federal court on Thursday. It was known last month that the arraignment would be held on this day.
association: Former CEO of FTX Sam, to arraignment on January 3 about eight indictments
Bankman-Fried has pleaded not guilty this time, and it will be revealed at the trial, which starts in October, whether there was any intent to commit fraud. If convicted on all eight charges, he could face up to 115 years in prison, though some say the maximum sentences for each charge do not stack.
associationFormer FTX CEO responds to bankruptcy filings and cryptocurrency hacks
Meanwhile, FTX co-founder Gary Wang and Caroline Ellison, former CEO of sister company Alameda Research, pleaded guilty last month to criminal charges, including conspiracy to commit wire fraud against FTX customers. Both are said to be cooperating with the prosecution.
association: Alameda’s former CEO Ellison and others admit criminal responsibility
What is FTX
A cryptocurrency exchange led by Bankman-Fried. Since its establishment in 2019, it has rapidly made a name for itself and has grown into a major exchange after Binance, the largest exchange in the industry. After that, it went bankrupt and filed for bankruptcy in November last year.
Cryptocurrency Glossary
association: Severe shock in the virtual currency market, summary of Alameda shock and FTX turmoil
New progress in the trial
Bankman-Fried’s attorneys filed a petition on Monday to keep the names of the two new guarantors who signed the bail. The defendant’s parents, who had signed bail, were threatened and tried not to take similar risks. The judge has granted this motion.
Federal prosecutors also filed motions to prevent Bankman-Fried from accessing the assets of FTX and Alameda Research while he was out on bail. The judge also granted this motion.
The post Former FTX CEO Sam pleads not guilty to arraignment appeared first on Our Bitcoin News.
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