Disgraced crypto boss Sam Bankman-Fried pleads not guilty to FTX fraud

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Disgraced crypto exchange boss Sam Bankman-Fried pleads not guilty to FTX fraud

Crypto tycoon Sam Bankman-Fried has pleaded not guilty to orchestrating what has been dubbed ‘one of the biggest financial frauds in American history’.

The former head of collapsed cryptocurrency exchange FTX entered the plea in a Manhattan court where he is facing fraud and money laundering charges that could, if he is found guilty, land him in prison for up to 115 years.

Bankman-Fried, 30, was arrested in the Bahamas last month before being extradited to the US on charges alleging he stole billions from the exchange’s customers to offset losses at his hedge fund Alameda Research as well as buy lavish properties and pay out millions in political donations.

Plea: Disgraced crypto tycoon Sam Bankman-Fried has pleaded not guilty to fraud and money laundering charges

Plea: Disgraced crypto tycoon Sam Bankman-Fried has pleaded not guilty to fraud and money laundering charges

The ex-crypto wunderkind, who was at one stage worth nearly £22billion and shared conference stages with the likes of Tony Blair and Bill Clinton, suffered a spectacular fall from grace when FTX filed for bankruptcy in November after attempts to raise £8billion in funding failed.

Following his extradition to the US, Bankman-Fried was released on a £200million bail, one of the largest in US history. 

His lawyers have requested the names of the two people who signed on as guarantors for his bail, alongside Bankman-Fried and his parents, be redacted to protect them from potential harassment, sparking speculation that wealthy individuals could be backing him.

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