Bankman-Fried to plead not guilty in FTX/Alameda fraud case
Sam Bankman-Fried is expected to plead not guilty to fraud charges relating to the collapse of digital assets exchange FTX and related cryptocurrency hedge fund Alameda Research at a court hearing on Tuesday, according to a report by Reuters.
The report cites an unnamed source as revealing that Bankman-Fried will deny charges that he cheated investors of billions of dollars by illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions.
Bankman-Fried, who is currently on bail having posted a $350 million bond following his extradition from the Bahamas to the US last month, is due to appear before a judge in Manhattan at 2pm EST on Tuesday, 3 January charged with two counts of wire fraud and six conspiracy counts, and could face up to 115 years in prison if convicted.
The 30-year-old has admitted to making mistakes running FTX, but has also said he does not believe he is criminally liable.