Sam Bankman-Fried facing 100 years imprisonment

After admitting the collapse of FTX was down to his own 'mistakes’, Sam Bankman-Fried now denies all charges against him in a US court.

Former CEO of bankrupt crypto exchange FTX Sam Bankman-Fried has pleaded not guilty to multiple charges of fraud.

The ex-billionaire is expected to stand trial for eight criminal charges on October 2, set by Judge Lewis Kaplan.

The charges announced include claims from financial regulators, campaign finance violations, wire fraud and money laundering.

After having being detained by the Royal Bahamas police in December, Bankman-Fried was extradited from the Bahamas, where FTX was based, to the US and bailed on a $250m bond under the condition he wore an electronic tag and stayed in his parents’ home in California.

In a US court, Bankman-Fried has since denied all allegations, which include claims he used customer deposits at FTX to make investments and pay for debts accrued at his other firm Alameda Research.

Although the former ‘crypto king’ previously admitted the allegations and failure of FTX as a result of his own ‘mistakes’, he has changed his plea as legal proceedings continue.

If convicted and found guilty of the counts against him, Bankman-Fried could face a sentence of 100 years behind bars.

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Written by Isabella Aslam


Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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