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Sam Bankman-Fried, Founder of FTX, Expected to Enter Plea Deal, According to Report

Sam Bankman-Fried

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, is expected to enter a plea deal on fraud charges related to the collapse of the Bahamas-based exchange.

The case will be heard in the Manhattan federal court on January 3, 2023, and will be presided over by Judge Lewis Kaplan, who took over the case after the original judge recused herself due to her husband’s law firm advising FTX before its collapse.

Bankman-Fried is accused of using customer deposits to fund his crypto trading firm Alameda Research, buy real estate, and make political contributions in a years-long fraud scheme.

Two of Bankman-Fried’s associates, former Alameda CEO Caroline Ellison and former FTX CTO Gary Wang, have pleaded guilty to charges related to the alleged fraud and are cooperating with prosecutors.

Bankman-Fried has been released on a $250 million bail and has been ordered to stay at his parents’ home in California.

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