FTX founder Sam Bankman-Fried pleads not guilty to fraud

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Former cryptocurrency tycoon Sam Bankman-Fried pleaded not guilty on Tuesday to charges of defrauding investors in his now-defunct FTX cryptocurrency exchange.

The 30-year-old FTX founder is charged with eight criminal counts, including wire fraud and conspiracy to commit money laundering. He is accused of illegally redirecting FTX customers’ deposits to his Alameda Research hedge fund, which financed his lavish real estate purchases and large political contributions. Two of his former associates have already pled guilty to charges of fraud. Carolyn Ellison, the former CEO of Alameda, and Gary Wang, the co-founder of FTX, are cooperating with prosecutors and may testify at trial in the hopes of receiving lenient treatment.

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FTX founder Sam Bankman-Fried pleads not guilty to fraud

Former cryptocurrency tycoon Sam Bankman-Fried pleaded not guilty on Tuesday to charges of defrauding investors in his now-defunct FTX cryptocurrency exchange.

The 30-year-old FTX founder is charged with eight criminal counts, including wire fraud and conspiracy to commit money laundering. He is accused of illegally redirecting FTX customers’ deposits to his Alameda Research hedge fund, which financed his lavish real estate purchases and large political contributions. Two of his former associates have already pled guilty to charges of fraud. Carolyn Ellison, the former CEO of Alameda, and Gary Wang, the co-founder of FTX, are cooperating with prosecutors and may testify at trial in the hopes of receiving lenient treatment.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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