FTX founder Sam Bankman-Fried to plead not guilty to fraud charges in New York case
Christopher Hutton
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FTX founder and crypto mogul Sam Bankman-Fried is expected to plead not guilty to the eight charges filed against him alleging that he had engaged in fraud.
The former crypto billionaire is expected to plead not guilty to his eight charges of various forms of fraud, according to the Wall Street Journal. The report arrives while others allege that Bankman-Fried is seeking a plea deal in his trial in the Southern District of New York. He is expected to appear in person in court to enter his plea on Jan. 3.
BAHAMAS AUTHORITIES SEIZED $3.5 BILLION IN ASSETS FROM FTX AFTER BANKRUPTCY
The Department of Justice announced on Tuesday that it was investigating the theft of $372 million from FTX’s accounts on Nov. 12, a day after the company filed for Chapter 11 bankruptcy protections. The remaining assets are being protected by authorities in the Bahamas, who announced that they had acquired $3.5 billion of FTX’s remaining assets and intended to distribute them to customers once it was approved by the Bahamian Supreme Court.
Bankman-Fried was arrested in the Bahamas and extradited to the United States, where he appeared in court for the first time last week. He was released on $250 million bail and was forced to live with his parents. He is expected to enter a plea deal as early as next week.
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That has not stopped him from receiving visitors. The Big Short author Michael Lewis visited Bankman-Fried last Friday for several hours, the latest meeting between the two over six months for a book deal.