FTX’s Bankman-Fried pleads not guilty to charges

Sam Bankman-Fried, the founder of the now-bankrupt crypto exchange FTX, has pleaded not guilty to criminal charges of wire fraud and conspiracy.

The charges stem from allegations that Bankman-Fried used customer funds from FTX to cover loans taken out by Alameda Research, an affiliated crypto hedge fund, and to make investments in other companies and donate to political campaigns.

Bankman-Fried has maintained his innocence and says he was unaware that customer funds were being used improperly.

Two senior executives from Bankman-Fried’s businesses, Gary Wang and Caroline Ellison, have pleaded guilty to multiple criminal charges and are cooperating with prosecutors.

Bankman-Fried, who has been released on a $250 million bond and is under house arrest, faces up to 115 years in prison if convicted on all charges. The trial has been set for October 2.