FTX boss Sam Bankman-Fried pleads not guilty on 8 charges

Former CEO of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, pleaded not guilty to eight criminal charges on Tuesday and is expected to stand trial on 2 October.

The 30-year-old Stanford graduate was charged with wire fraud on customers, conspiracy to commit wire, securities, commodities, money laundering, and to defraud the US and violate the campaign finance laws. Fried, known by his initials SBF, has become a media spectacle following the swift downfall of FTX Exchange. The company, once valued at $32 billion, has been accused of secretly funneling customer funds to invest and cover losses incurred by its subsidiary hedge fund unit Alameda Research, defrauding users and investors in the process.

After it declared bankruptcy last year in November, federal prosecutors quickly whipped up a case against SBF and his former aides, co-founder of FTX Gary Wang, and Caroline Ellison, former CEO of Alameda Research, who have since turned against him to collaborate with the FBI. SBF pleaded not guilty to all criminal charges during a court appearance at the US District Court in New York, Manhattan, paving the way for a lengthy trial scheduled to begin later this year. By pleading not guilty, SBF's legal team will be allowed to see what evidence prosecutors have against him allowing them to better prepare for the legal proceedings.

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