Sam Bankman-Fried, the disgraced founder of bankrupt crypto exchange FTX, is set to appear in person in a Manhattan federal court
Bankman-Fried, known as SBF, is charged with eight criminal counts ranging from wire fraud and conspiracy to commit money laundering, to conspiracy by misusing customer funds. He is expected to plead not guilty and could face up to 115 years in prison if convicted on all charges. Last month, a US judge released him on a $250 million bond in his first appearance on American soil since his arrest in the Bahamas, where he lived and ran his businesses.
FTX and Alameda both filed for bankruptcy in December after investors rushed to pull their deposits from the exchange, sparking a liquidity crisis and triggering contagion and panic across the crypto industry. Two senior executives associated with the collapse — Gary Wang, the co-founder of FTX, and Caroline Ellison, who served as Alameda’s CEO — have since pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court records.
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