Sam Bankman-Fried is Highly Likely to Plead Not Guilty Next Week

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Last Updated on January 1, 2023 by Bitfinsider

At a court hearing next week, FTX founder Sam Bankman-Fried is expected to plead not guilty to eight felony counts of fraud.

Bankman-Fried, or SBF as he is commonly known, was released on $250 million bond after his attorneys and federal prosecutors reached an agreement.

FTX, which was once valued at $32 billion, declared bankruptcy last month after failing to get emergency capital to fill a $8 billion deficit.

Bankman-Fried is suspected of moving client cash to cover up trading losses at Alameda Research, an SBF-founded trading business.

Gary Wang, FTX’s chief technology officer, and Caroline Ellison, co-CEO of Alameda Research, both close colleagues of SBF, have both pled guilty to federal fraud charges.

According to Ellison, she and Bankman-Fried willfully deceived lenders regarding the abuse of consumer funds.

“From 2019 through 2022, I was aware that Alameda was allowed access to a borrowing facility on, Mr. Bankman-Fried’s cryptocurrency exchange,” Ellison testified, according to a transcript of her Dec. 19 hearing.

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