Disgraced crypto founder Sam Bankman-Fried plans to plead not guilty to fraud after being charged with orchestrating a yearslong scam at FTX.
Bankman-Fried was arrested in the Bahamas earlier this month after the US filed an indictment accusing him of misappropriating billions of dollars of customer funds at FTX. After being extradited to the US, he was released from custody on a $250 million bail package. He is currently living at his parents home in California.
Bankman-Fried’s not guilty plea opens up the door to a discovery process, which would give him a better idea of the evidence the government has collected to prosecute him. Ellison, Alameda’s former chief executive, and Wang, FTX’s chief technology officer, both reached cooperation agreements with prosecutors in a significant blow to Bankman-Fried’s case.
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