BREAKING: Sam Bankman-Fried has pleaded not guilty to charges of defrauding FTX customers out of millions of dollars.
Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, on Tuesday pleaded not guilty to charges that he defrauded customers out of millions of dollars worth of digital assets.
Wearing a backpack, Bankman-Fried marched through a sea of cameras as he entered the courthouse on a rainy day to stand before Judge Lewis A. Kaplan. Bankman-Fried's attorney, Mark Cohen, announced his client's plea, saying:"He pleads not guilty to all counts." with eight counts of fraud, money laundering and other financial crimes.
More specifically, prosecutors alleged that Bankman-Fried duped customers by using their crypto assets to pay for debts and expenses incurred by FTX's hedge fund, Alameda Research. Bankman-Fried and other top executives committed commodities and securities fraud as well as created false financial records about Alameda Research to defraud lenders, prosecutors said in
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