FTX Founder SBF Trial On October 2, 2023; Could Get 115 Years.
Cryptocurrency tycoon SBF's trial begins on October 2, 2023. SBF denied all FTX fraud charges.
On Tuesday, Manhattan federal court welcomed Sam Bankman-Fried. He created the FTX cryptocurrency exchange and is accused of defrauding investors of billions.
The trial for cryptocurrency tycoon SBF has been scheduled for October 2, 2023. SBF has entered a not guilty plea to all allegations of FTX fraud.
Sam Bankman-Fried made his first appearance in a federal court in Manhattan on Tuesday. He is the creator of the FTX cryptocurrency exchange and is accused of cheating investors out of billions of dollars. Before U.S. District Judge Lewis Kaplan, SBF entered a not guilty plea to all of the criminal allegations for which he is now being prosecuted.
October Date Set For SBF's Trial
The court has proposed October 2, 2023 as the date for the start of the SBF trial, according to the most recent reports. The prosecution has additionally asked that the founder of the disgraced cryptocurrency exchange be forbidden from accessing or moving any assets connected to FTX or Alameda Research.
Judge Kaplan also readily agreed to SBF's request to withhold the names of his two bail guarantors, as was previously published on CoinGabbar.
Bankman-Fried is charged with stealing billions of dollars in customer deposits from FTX in what the prosecution has called a "epic fraud" in order to support his Alameda Research hedge fund, make real estate purchases, lend money to crypto media outlets, and make millions in political contributions.
The $8 Billion Missing From FTX
The exchange has lost close to $8 billion in customer assets, according to testimony given last month before the House of Financial Services Committee by John J. Ray III, the newly appointed CEO of FTX. Even while Bankman-Fried denied the mixing of funds in multiple interviews with media outlets last year, she later acknowledged that FTX did not put enough focus on risk management.
On December 22, after making his initial appearance in federal court in the United States, Bankman-Fried was granted bond of $250 million and released. His parents, well-known Stanford University law professors, were also ordered to remain in their Palo Alto home, which is still under house arrest.
Sam Bankman-Fried, who was said to be one of the wealthiest people in the crypto-sphere and who up until the second half of last year gradually became the public face of the crypto sector, has had a dramatic fall from grace as a result of recent events.
