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Sam Bankman-Fried To Appear in Federal Court on January 3rd!

Author: Nidhi Kolhapur

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Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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  • SBF is expected to plead not guilty to his criminal charges in court hearing on Jan. 3.

  • The disgraced crypto founder has said time and time again that he is not criminally culpable of anything.

The demise of FTX and its sister company, Alameda, has jolted the rapidly developing cryptocurrency sector and caused it to wobble. According to the allegations made by the authorities, Sam Bankman-Fried utilized the funds provided by FTX’s clients to pay the expenses and liabilities of his trading firm, Alameda Research. In November, both companies announced that they would be filing for bankruptcy.

The latest development in the most-scrutinized drama of FTX and SBF is that according to a report from media outlet Reuters, a person with knowledge of the situation has said that Sam Bankman-Fried, who is facing criminal charges for allegedly defrauding investors and stealing billions of dollars from his now-defunct FTX cryptocurrency exchange, would submit a not guilty plea on Jan. 3.

Criminal defendants often enter not-guilty pleas at the arraignment stage. The defendant has the right to enter a new plea at a later date. Although SBF has acknowledged certain missteps while managing FTX, he has maintained that he is not criminally culpable.

SBF was taken into custody in the Bahamas at the request of the United States authorities on suspicion that he defrauded investors and misappropriated monies that were stored on the FTX cryptocurrency exchange. 

After appearing in court on December 22 and being granted bond, SBF is scheduled to next appear in court in Manhattan on January 3 before United States District Judge Lewis Kaplan.

On December 28, a transaction involving cash taken from Alameda wallets prompted inquiries about the possible participation of SBF in the incident. The business owner, on the other hand, has been fast to disassociate himself from the supposed rumors.

SBF said:

“None of these are me.  I’m not and couldn’t be moving any of those funds; I don’t have access to them anymore.”

After his extradition from the Bahamas, where he resided and where the exchange was headquartered, Bankman-Fried was released after posting bail in the amount of $250 million.

The disgraced founder of a cryptocurrency company has been charged with two charges of wire fraud and six counts of conspiracy, including conspiring to conduct breaches of campaign finance laws and to launder money. Should he be found guilty, he may be sentenced to 115 years in jail.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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