FTX: Sam Bankman-Fried (SBF) pleaded not guilty in a New York court
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FTX : Sam Bankman-Fried (SBF) pleaded not guilty in a New York court

Sam Bankman-Fried (SBF), former CEO of bankrupt FTX, has pleaded not guilty in a New York court

Out on $250 million bail, the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, appeared in federal court in New York to plead not guilty to 8 counts for which he faces 115 years in prison, CNBC reports.

During his court appearance, “SBF” did not speak and let his lawyers address the judge, who set a date of October 2, 2023 for the start of the trial in which Sam Bankman-Fried faces charges of wire fraud, securities fraud, conspiracy to commit fraud, money laundering, political donation fraud.

A strategy in contrast to former Alameda Research CEO and former SBF girlfriend Caroline Ellison and FTX co-founder Gary Wang, who have chosen to plead guilty to criminal charges and are cooperating with authorities to reduce their future prison sentences.

U.S. attorney Danielle Sassoon, one of the prosecutors in charge of the case against the former FTX CEO, told Reuters news agency that she expects the trial to last four weeks.

At the hearing, the lawyers also asked the judge to remove the names of the two people who are guaranteeing the $250 million bail, which would be the parents of Sam Bankman-Fried, a request that was granted by Judge Lewis Kaplan.

SBF’s attorneys pointed to the fact that Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried, have allegedly been “targets of media scrutiny, harassment and threats” since their son’s release on bail.

The U.S. judge further stipulated that Sam Bankman-Fried, as part of his bail, is not allowed to access or transfer cryptos or assets from FTX and Alameda.

A clarification that echoes the recent transfers of $684,000 from FTX and Alameda Research crypto wallets that Sam Bankman-Fried has denied being the author.

So it will be many months before we see the trial of Sam Bankman-Fried, who is now being called a thief or the “Bernie Madoff of cryptos,” begin.

The authorities also continue to investigate this case of crypto fraud sprawl, the U.S. justice is particularly seeking to know who stole around $ 700 million in cryptocurrencies during the bankruptcy of FTX.

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