According to CNBC, Sam Bankman-Fried pleaded not guilty to the eight criminal charges he is facing. After his exchange FTX declared bankruptcy, Bankman-Fried appeared in a New York City courtroom.
Billions of dollars from investors and customers are missing, and the Department of Justice, US Securities and Exchange Commission, and Commodity Futures Trading Commission have all accused his empire of being a fraud from the beginning.
Bankman- Fried was extradited to the US to face these charges and is currently living with his parents while free on a $250 million bail. As SBF was heading back to the US, the authorities revealed that two of his friends and associates had already pleaded guilty and were cooperating with the prosecutors.
After US prosecutors said they expect to produce all evidence for the case in the next four weeks, the judge agreed to a start date of October 2nd.
The judge agreed to a request from Bankman-Fried's lawyers who wanted the identities of two people who helped secure his bail to be kept secret.
Ellison and Wang co-founded FTX, and Ellison was the CEO. The executives of Bankman-Fried's companies are accused of using FTX customer funds for trading, as well as loans to themselves and extravagant spending on homes, private jet flights, and political donations.