Wednesday, March 22, 2023

FTX founder pleads not guilty

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Founder of busted crypto exchange FTX pleads not guilty

FTX founder Sam Bankman-Fried, accused of fraud, money laundering and other crimes, has pleaded not guilty as expected. At a hearing in New York, the trial was scheduled to begin on October 2, according to US media.

Civil lawsuits and class action lawsuits are also pending in the US against the founder of the insolvent crypto exchange FTX, Sam Bankman-Fried.

The public prosecutor’s office accuses Bankman-Fried, among other things, of misleading investors in his crypto empire, which collapsed about two months ago, and of embezzling customer funds on a large scale. The 30-year-old admits mistakes, but rejects intentions to cheat. He faces up to 115 years in prison if convicted on all eight counts.

Bankman-Fried was arrested on December 12 at the behest of US law enforcement in the Bahamas, where FTX – one of the largest trading platforms for cryptocurrencies like Bitcoin before the collapse – was headquartered. Other former FTX top executives have pleaded guilty and heavily charged the group’s founder.

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