Sam Bankman-Fried Pleads Not Guilty to New Indictment
Sam Bankman-Fried, the Founder of the FTX who was jailed earlier in the month, has pleaded not guilty to allegations of fraud and money laundering contained in an updated indictment unveiled by US prosecutors, according...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Sam Bankman-Fried, the Founder of the FTX who was jailed earlier in the month, has pleaded not guilty to allegations of fraud and money laundering contained in an updated indictment unveiled by US prosecutors, according to media reports. On Tuesday, he maintained his innocence before US Magistrate Judge Sarah Netburn in the first court appearance since his bail was revoked on August 11.
Bankman-Fried Rejects Latest Indictment
In January, the former crypto billionaire had similarly pledged “not guilty” to eight counts of criminal charges, including conspiracy to commit wire and securities fraud, money laundering and conspiracy to violate campaign finance rules. In March, prosecutors expanded the charges to 13, including allegations that Bankman-Fried violated the anti-bribery provisions of the United States by bribing Chinese officials in late 2021.
However, the revised indictment contains only seven counts of charges related to the collapse of FTX, Reuters reported on Tuesday. In the new indictment, prosecutors tied in the allegation of campaign finance law violation to others, as an extradition treaty with the Bahamas prevents them from making direct allegations in that regard, according to CoinDesk.
Meanwhile, during Bankman-Fried’s court appearance on Tuesday, his lawyers claimed that the accused is being denied access to his medicine for depression and deficit hyperactive disorder at the Metropolitan Detention Centre in Brooklyn where he is being held. Furthermore, they said Bankman-Fried is being denied a vegan meal plan and “is literally now subsisting on bread and water.”
Last week, Bankman-Fried’s lawyers in a letter to US District Judge Lewis Kaplan in Manhattan complained that allowing the former CEO of FTX to only meet with his legal counsel twice a week to prepare for his October trial is “entirely inadequate.” They added that permitting the embattled crypto entrepreneur to meet his lawyer without a dedicated computer violates his rights under the Sixth Amendment of the US Constitution.
On Tuesday, the legal team raised the issue gain, noting that Bankman-Fried requires access to a laptop with internet connectivity in order to be able to examine the "millions” of documents obtained during the discovery process. Previously, the team requested that the court permit the former billionaire to meet his lawyers during all weekdays.
Bankman-Fried’s crypto empire collapsed in November last year, following a liquidation crisis and the revelation that FTX’s customers’ funds were being used to prop Alameda Research, Finance Magnates reported.
DMALINK partners with Danske; SoftBank's arm targets mega IPO; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Finance MagnatesRelated market context
SEC Charges BG Wealth and DSJ Exchange Over Alleged $130M Crypto Scheme
TL;DR: The SEC alleges BG Wealth and DSJ Exchange raised more than $130 million using false filings and trading claims. The civil...
HTX Ends UK Activity as FCA Secures Court Undertakings on Crypto Promotions
TL;DR: The FCA says HTX is no longer active in the UK following a settlement over financial promotions. The agreement does not con...
Bitcoin Fell After 3 Straight Midterms, and Tuesday Could Make It 4
In each of the last three cycles, bitcoin bottomed 13 to 71 days after a U.S. midterm election. Americans vote again on Tuesday, a...
Binance Has Shed $16B Since The Hack as Its Proof Lands Tuesday
Binance’s tracked assets have fallen by about $16.6 billion since the Oct. 29 hack. Its full zero-knowledge reserve proof, first p...
CFTC Chair Selig vows to take state fight over prediction markets to the Supreme Court
The Supreme Court battle could redefine federal vs. state regulatory power, impacting the future of prediction markets and federal...
Bitcoin Whitepaper Turns 18: How Satoshi’s 9-Page Vision Reshaped Global Finance
Key Takeaways: On October 31, 2008, the Bitcoin whitepaper was published by Satoshi Nakamoto, which outlines a peer-to-peer electr...