FTX Founder Bankman-Fried Pleads Not Guilty

WASHINGTON, DC - DECEMBER 08: CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC. The committee held a hearing on "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States." (Photo by Alex Wong/Getty Images)

Sam Bankman-Fried, a disgraced founder of FTX, pleaded not guilty in New York to a variety of criminal charges.
Bankman-Fried (30), was taken into custody in the Bahamas last month. He was charged with the November collapse of the cryptocurrency exchange. Recently, he was extradited to America. Bankman-Fried could spend many years in prison if he is found guilty.

Bankman-Fried is facing eight charges from New York’s Southern District. There are also allegations from the Securities and Exchange Commission and Commodity Future Trading Commission.

Dec. 27, the Department of Justice declared that it was investigating the $372 million theft from FTX’s accounts. This occurred just a day after FTX filed for Chapter 11 bankruptcy protections. The Bahamas authorities are protecting the assets remaining in the country. On Dec. 27, the Department of Justice announced that it had purchased $3.5 billion from FTX and planned to distribute it to customers after the Bahamian Supreme Court approved it.

Bankman-Fried was taken into custody in the Bahamas. He was then extradited to the United States where he appeared for the first time in court last week. He was released on bail of $250 million and forced to live with his parents. He could enter into a plea agreement as soon as next week.

He still welcomes visitors. Bankman-Fried was visited by Michael Lewis, author of Big Short, last Friday. This was their sixth meeting in six months to discuss a book deal.