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. 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.
Bankman-Fried faces a case 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.
