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 FTX.com, Mr. Bankman-Fried’s cryptocurrency exchange,” Ellison testified, according to a transcript of her Dec. 19 hearing.
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