FTX Founder Sam Bankman-Fried Pleads Not Guilty to Cryptocurrency Empire's Collapse Charges
Sam Bankman-Fried, the founder of cryptocurrency platform FTX, has entered a plea of not guilty in court regarding charges of fraud and money laundering tied to his company's downfall last year.
Because Bitcoin
August 22, 2023
During his recent court appearance, Sam Bankman-Fried pleaded not guilty to the fraud and money laundering charges linked to the collapse of his crypto venture, FTX, last year, as per a CoinDesk report. The appearance, held in the Southern District of New York, introduced a new indictment accusing him of misusing customer funds for personal property and political donations. The updated charges stemmed from the original ones filed in December, involving an added campaign finance charge due to treaty obligations with the Bahamas.
Judge Sarah Neburn oversaw the session, reading each charge and asking for Bankman-Fried's plea. This marked his first court appearance since bail was revoked earlier this month. Attired in a tan uniform, he acknowledged his mother before conferring with his legal team.
The hearing took place amidst the defense's requests for regular attorney access and internet-enabled laptops. Judge Lewis Kaplan ruled on limited attorney access but deferred on broader laptop access. Bankman-Fried's Sixth Amendment rights and prison conditions were also discussed. The defense argued these conditions hindered his capacity to mount an effective defense.
The trial is set for October, with prosecutors and defense submitting proposed jury instructions outlining their stance on explaining charges and allegations to jurors.
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