SBF free on bail for 10 months until trial in October as he pleads not guilty SBF free on bail for 10 months until trial in October as he pleads not guilty
The US district court granted SBF's plea, giving him more time to assess the evidence against him.
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Updated: Aug. 14, 2023 at 3:52 pm UTC
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Sam Bankman-Fried, the founder of FTX, pleaded not guilty to the eight charges filed against him at his hearing at the New York US District Court on Jan. 3.
WATCH: FTX founder Sam Bankman-Fried enters the US District Court in New York City, where he's expected to plead not guilty to fraud https://t.co/ouA2Z5xIJU pic.twitter.com/6a0Mmt8hLU
— Bloomberg TV (@BloombergTV) January 3, 2023
The FTX founder was present at the court with his lawyers, Mark Cohen and Christian Everdell, before US district judge Lewis Kaplan. The court granted SBF’s plea, considering the threats his parents have received since FTX collapsed. Although Judge Kaplan granted the request, he left open the possibility that he would revisit the issue if there were any opposition.
The US District Court set a trial date for Oct. 2, 2023, following promises by US prosecutors that they would produce all evidence within four weeks. The plea, while not unexpected, will give Bankman-Fried more time to assess the evidence prosecutors have against him.
Earlier, Bankman Fried was given bail for a record $250 million bond. According to the bail conditions, he must be monitored constantly, undergo regular mental health checks, surrender his passport, and can’t move out of the Northern District of California.
Furthermore, SBF has requested the court redact the names of the co-signers of his bail, citing privacy and safety concerns of the individuals, according to the latest filing.
The other people linked with the case, former Alameda Research chief executive Caroline Ellison and FTX chief technology officer Gary Wang have pleaded guilty to fraud charges in cooperation agreements.
Meanwhile, another crucial figure in the case, Nishad Singh, former Director of Engineering at FTX, has been missing since FTX filed for bankruptcy. Singh held a 7.8% stake in the platform.
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Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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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.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Caroline Ellison is the former lead trader and former CEO at Alameda Research.