Sam Bankman-Fried Will Plead Guilty To Criminal Charges Next Week?

Key Points:

• Sam Bankman-Fried will give his defense of the charges next week
• The indictment is scheduled to take place on the afternoon of January 3, 2023.
• SBF was at a disadvantage when two accomplices made confessions. If convicted, he faces decades in prison. FTX will also become the biggest scam in crypto history.

Sam Bankman-Fried will give his plea next week on criminal charges he defrauded investors and robbed customers of billions of dollars of money at its failed crypto exchange FTX, according to Reuters.

The fallen FTX co-founder and former chief executive officer is expected to be charged on the afternoon of January 3, 2023, according to Court filings dated December 28, 2023. U.S. District Attorney Lewis Kaplan in Manhattan federal court.

As mentioned in an earlier Coincu News article, Kaplan was assigned to join the case on Tuesday, after the judge initially withdrew himself because her husband’s law firm had advised FTX before it fall.

Prosecutors have accused Bankman-Fried of conspiring and planning the largest scam in crypto history. It’s been done over the years using customer deposits to support his hedge fund company Alameda Research, buy real estate, and infiltrate political circles.

Bankman-Fried was charged with two counts of wire fraud and six counts of conspiracy, including money laundering and campaign finance violations, and could face decades in prison if convicted.

Before his arrest on December 12, Bankman-Fried admitted to risk management failures at FTX, but adamantly protested that he did not participate in fraudulent activities and would not be held criminally responsible.

However, two of his close associates, former Alameda chief executive Caroline Ellison and former FTX chief technology officer, Gary Wang, pleaded guilty to their role in FTX’s collapse and agreed to cooperation with prosecutors is a major threat to the SBF’s previous denials.”

Bankman-Fried was released on December 22 with a $250 million bond and mortgaged by his parents’ home in Palo Alto, California, where they taught at Stanford Law School.

He is the subject of electronic surveillance. However, since the time of release, the e-wallets related to FTX and Alameda have been continuously active and the destination of these funds is the cryptocurrency mixer, which hackers use to erase traces, worried the community and raised questions about whether he was being eased from probation.

FTX filed for bankruptcy protection on November 11, its new CEO, John Ray, told Congress on December 13 that the exchange had lost $8 billion in customer funds. while being run by “completely inexperienced, unsophisticated individuals.”

Check out our other SBF article for Exposes FTX Collapse.

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