Sam Bankman-Fried, founder and former CEO of cryptocurrency exchange FTX, has denied accusations that he defrauded investors.
Bankman-Fried, who is on trial for 8 counts, including fraud and money laundering, defended at the hearing in New York’s Southern District Court.
Bankman-Fried denied the charges against him.
It is stated that the former CEO of FTX, Bankman-Fried, could face up to 115 years in prison if found guilty.
Released on $250 million bail
Cryptocurrency exchange FTX started to experience liquidity problems at the beginning of November last year after problems with its rival and the world’s largest crypto exchange Binance.
It was announced that FTX started the bankruptcy process in the USA on November 11, 2022, and the company’s top manager (CEO), Sam Bankman-Fried, also resigned. Sam Bankman-Fried was detained in the Bahamas on December 12, 2022, following the United States’ criminal complaint.
In the US, federal prosecutors had filed indictments against Bankman-Fried for various crimes, including fraud, violation of financial laws, and money laundering.
It was decided that Bankman-Friedin, who was handed over to the USA on December 21, 2022, would be released on $250 million bail until the hearing.