FTX founder Sam Bankman-Fried is reportedly expected to enter a not guilty plea in a scheduled US court hearing, marking the latest development in the crypto exchange’s unraveling.
A court hearing has been scheduled for FTX founder Sam Bankman-Fried in the afternoon of January 3 before US district judge Lewis Kaplan in Manhattan. According to a «Reuters» report citing unnamed sources, Bankman-Fried is expected to enter a not guilty plea.
The fallen crypto exchange’s former chief executive faces two wire fraud charges and six conspiracy charges, including money laundering and compliance finance violations, which total a maximum of 115 years of imprisonment, if convicted.
While Bankman-Fried has repeatedly admitted to human errors while leading FTX, he has insisted that he is not criminally liable.
Ellison, Wang
Bankman-Fried faces a case that was strengthened in December by the guilty pleas of Alameda CEO Caroline Ellison and ex-FTX chief technology officer Gary Wang over multiple criminal charges while agreeing to cooperate with prosecutors.
Meanwhile, Bankman-Fried has been free on a $250 million bond following his extradition last month from the Bahamas, the headquarters of FTX.
Separately, legal proceedings are also underway in the Bahamas where the local government said it was temporarily holding FTX assets to deliver to customers and creditors.
