Co-founder and former head of cryptocurrency exchange platform FTX, Sam Bankman-Fried, pleaded not guilty on Tuesday to eight counts brought against him in federal court in New York.
Indicted in particular for fraud and criminal conspiracy, “SBF“, his nickname, had been extradited in late December from the Bahamas, where the headquarters of FTX was located, then released upon his arrival in New York, on $ 250 million bail.
At the hearing, the merchant and entrepreneur, in a dark suit and tie, did not take the floor and let his lawyer Mark Cohen speak on his behalf. Sam Bankman-Fried’s strategy differs from that of a former FTX executive, Gary Wang, who pleaded guilty last month and is working with authorities, as well as Caroline Ellison, former head of FTX’s sister platform Alameda Research.
Political speculation and donations
Sam Bankman-Fried is alleged to have used funds deposited by clients on the FTX platform with associates to engage in speculative financial transactions through Alameda Research.
In addition to risky transactions through Alameda, he is also suspected of investing some of this money in real estate in the Bahamas and donating to Democratic political figures – again with funds from FTX clients – including Joe Biden during his presidential campaign.
