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Sam Bankman-Fried Pleads Not Guilty; Court Sets Trial Date on 2nd October, 2023

Sam Bankman-Fried (SBF) appeared in Federal Court in New York before U.S. District Judge Lewis Kaplan. As part of a deal with U.S. law enforcement authorities, the former CEO pleaded not guilty to eight crimes, including wire fraud and conspiracy to commit fraud.

Following his deportation from the Bahamas, Sam Bankman Fried was given a $250 million bail and placed into the care of his parents.
Rumors circulated in late December 2022 regarding a possible accord between SBF and law enforcement organizations.

The failure of the crypto exchange cost consumers billions of dollars in lost money. Furthermore, Sam Bankman Fried reportedly utilized client funds to jumpstart his trading arm, Alameda Research. As a result, the not-guilty plea as part of any agreement was viewed ridiculous by many FTX customers awaiting resolution, who blamed SBF for their losses.

Judge Kaplan accepted SBF’s plea and set a trial date for October 2, 2023. It has to be seen if the FTX founder would keep to his plea or amend it later as part of his claimed bargain with local authorities.

If the matter goes to trial and Sam Bankman Fried is found guilty, he may face life in jail or 115 years for his role in his company’s destruction. Former FTX CTO Gary Wang and former Alameda Research CEO Caroline Ellison both struck guilty plea bargains with the US government.

In addition to the plea, the court hearing concluded that the individuals who assisted Sam Bankman Fried in raising funds for the $250 million bond should remain anonymous at the request of the FTX founder.