Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, pleaded not guilty in New York federal court Tuesday to eight charges related to the collapse of his former crypto exchange FTX and hedge fund Alameda Research.
Bankman-Fried arrived outside the courthouse in a black SUV, and was swarmed with cameras from the moment his car arrived. The scrum grew so thick that Bankman-Fried’s mother was unable to exit the vehicle, falling onto the wet pavement as cameras scrambled to catch a glimpse of her son.
The U.S. Attorney’s Office for the Southern District of New York has charged Bankman-Fried with eight counts of fraud, money laundering and other financial crimes. The charges include conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering, and conspiracy to avoid campaign finance regulations.
Authorities allege that Bankman-Fried defrauded customers out of millions of dollars worth of digital assets. He is also accused of violating political contribution laws by donating to candidates and committees in New York under another person’s name.
Bankman-Fried was hauled by security through the throng and into the courthouse to enter his plea. He is currently out on a $5 million bond and is due back in court on April 28.
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