FTX collapse: Sam Bankman-Freed pleads not guilty

Sam Bankman-Freed pleaded not guilty in a New York federal court on Tuesday to eight charges related to the collapse of cryptocurrency exchange FTX and hedge fund Alameda.

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Specifically, the 30-year-old is accused of committing multi-billion dollar fraud as he misappropriated funds from his clients’ deposits to finance his business plans, real estate purchases, political donations and to boost his hedge fund, Alameda Research. Federal regulators allege that more than $8 billion is missing.

Read Also: FTX: Co-founder Gary Wang and former Alameda Research head Caroline Ellison guilty of fraud

US District Judge Lewis Kaplan set a trial date for 2 October after US prosecutors said they expect to produce all the evidence in the case within the next four weeks.

The bail package includes a $250 million personal bond secured by his parents’ home in California, which federal prosecutor Nicholas Ross said is one of the largest pretrial bonds in U.S. history. The conditions of his release require that he stay with them and undergo electronic monitoring.

As Reuters notes, it is not uncommon for people facing criminal charges to plead not guilty in the early stages of their cases. Their attorneys can then change their testimony.

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