HomeBusinessFTX founder Sam Bankman-Fried pleads not guilty in criminal crypto case

FTX founder Sam Bankman-Fried pleads not guilty in criminal crypto case


NEW YORK — FTX founder and fallen cryptocurrency guru Sam Bankman-Fried pleaded not responsible via his lawyer at his arraignment Tuesday on costs he misappropriated billions of {dollars}, defrauding prospects and traders in corporations he managed whereas allegedly concealing his unlawful dealing with of funds.

It was the second courtroom look in Manhattan for Bankman-Fried, 30, who was extradited from the Bahamas final month and has been beneath a home arrest order on a $250 million bond for practically two weeks. Bankman-Fried is sporting an ankle monitor and is required to stay at his mother and father’ dwelling in Palo Alto, Calif., apart from court docket appearances and train periods.

He arrived on the courthouse greater than an hour earlier than his case was known as, surrounded by a pack of photographers as he climbed out of a black SUV.

U.S. District Courtroom Decide Lewis A. Kaplan, who’s now overseeing the case, didn’t instantly rule on whether or not to provide anonymity to 2 events who should be a part of Bankman-Fried’s mother and father in endorsing his bond. A earlier choose ordered that a type of two extra individuals can’t be a relative.

Sometimes, bond sureties are recognized in court docket and their names are a matter of public report. On Tuesday morning, Bankman-Fried’s attorneys submitted a letter to Kaplan requesting anonymity for the remaining two individuals, citing security issues and noting that Bankman-Fried’s mother and father, who’re each professors at Stanford Legislation Faculty, have obtained alarming communications.

“In current weeks, Mr. Bankman-Fried’s mother and father have turn into the goal of intense media scrutiny, harassment, and threats,” the letter stated. “Amongst different issues, Mr. Bankman-Fried’s mother and father have obtained a gradual stream of threatening correspondence, together with communications expressing a want that they endure bodily hurt.”

Entry of a plea is commonplace initially of a case. The 30-year-old may change his plea because the case progresses both on his personal or as a part of a negotiated take care of prosecutors.

Two of Bankman-Fried’s shut associates have already entered into cooperation agreements with the U.S. lawyer’s workplace in Manhattan, and it seems prosecutors have compiled a big physique of proof in a comparatively quick timeframe.

Prosecutors have stated that Bankman-Fried’s private wealth additionally took an unlimited hit as his empire collapsed round him. FTX had been the third-largest crypto change on the earth, and its model benefited from commercials that includes powerhouse celebrities, together with athletes corresponding to Tom Brady and Stephen Curry.

FTX’s collapse in early November marked a significant shift within the cryptocurrency panorama, shaking buyer and investor belief in different main exchanges. Bankman-Fried, who’s charged with wire fraud, conspiracy and associated counts, is going through important jail time if convicted in what prosecutors have known as a “very robust” case. He faces as much as 115 years in jail.

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