FTX ex-CEO Sam Bankman-Fried likely to enter a plea on January 3, 2022 FTX ex-CEO Sam Bankman-Fried likely to enter a plea on January 3, 2022
A plea is expected from SBF in Manhattan federal court next week, before U.S. District Judge Lewis Kaplan.
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Updated: Aug. 15, 2023 at 4:23 pm UTC
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Sam Bankman-Fried is expected to enter a plea on January 3, 2022, to criminal charges, including conspiracy to commit money laundering and conspiracy to commit fraud on customers and lenders.
The trial for the FTX founder is scheduled to begin on the afternoon of January 3, in Manhattan federal court, before U.S. District Judge Lewis Kaplan.
According to prosecutors, Bankman-Fried used customer deposits to fund his Alameda Research hedge fund firm, purchase real estate, and make political contributions for years. In addition, SBF borrowed $546M from Alameda to fund the purchase of Robinhood shares, according to an affidavit filed in the Antigua and Barbuda High Court on Dec. 12.
While two of his associates, former Alameda CEO Caroline Ellison and former FTX CTO Gary Wang, have pleaded guilty to their role in the company’s collapse, the FTX founder has yet to do so.
Bankman-Fried was released on a record $250 million bail bond on Dec. 22 after he was extradited from the Bahamas. He was ordered to stay with his parents in Palo Alto, under electronic monitoring.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
