FTX Founder Sam Bankman-Fried Pleads Not Guilty to Fraud Charges

Sam “SBF” Bankman-Fried, the former CEO and co-founder of crypto exchange FTX, has pleaded not guilty to fraud and money laundering charges levied in NEW YORK (AP). This marks a significant development in the ongoing saga surrounding the collapse of FTX, once a leading cryptocurrency exchange.

FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court Tuesday to charges that he cheated investors and looted customer funds. The US court case is focusing on allegations of widespread financial misconduct.

The plea comes amidst a backdrop of significant legal pressure. Three former FTX executives, Caroline Ellison, Zixiao “Gary” Wang, and Nishad Singh, have pleaded guilty to fraud and conspiracy charges and have agreed to cooperate with prosecutors. Their testimony could prove crucial in the case against Bankman-Fried.

Sam Bankman-Fried pleaded not guilty in a US court to claims that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations. These accusations form a central pillar of the prosecution's case.

Sam Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX, pleaded not guilty to fraud charges in U.S. District Court in Manhattan on Tuesday. The trial is expected to be lengthy and complex, with potentially far-reaching consequences for the cryptocurrency industry.