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FTX founder Sam Bankman-Fried pleaded not guilty to fraud on Tuesday. The former tech billionaire has appeared in court in New York, where he must answer for his role in the collapse of crypto exchange FTX.
Bankman-Fried, 30, is accused of misleading investors and using money customers deposited on his platform for his own personal gain. The actual process won’t take place until early October.
After FTX went bankrupt, Bankman-Fried was arrested in the Bahamas. He was later deported to the United States. FTX founder accused of defrauding billions of dollars in customer deposits These were transferred to the FTX-affiliated Alameda Research Investment Fund, which invested the money in all sorts of companies.
The Bahamas, meanwhile, has seized assets owned by FTX. They were valued at $3.5 billion at the time of bankruptcy. The Caribbean state wants to transfer those digital assets to their respective customers and creditors.
Bankman-Fried was released on bail in the United States. He paid $250 million for it. The former billionaire is under house arrest with his parents in California. According to Bankman-Fried’s lawyers, her parents have been threatened ever since.
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