Crypto Creep Sam Bankman-Fried Pleads Not Guilty

  • Former FTX CEO Sam Bankman-Fried pleaded not guilty to federal charges in New York on Tuesday, a little less than two months after his crypto empire, once valued at $32 billion, collapsed.
  • His charges, which include money laundering, conspiracy to commit wire fraud, and securities fraud, are part of a federal case that argued that he was at the heart of a “brazen,” $8 billion fraud at FTX and his crypto hedge fund Alameda Research.
  • Bankman-Fried’s case was assembled with surprising speed by prosecutors from the Southern District of New York, who also gained the cooperation of Bankman-Fried’s close lieutenants Caroline Ellison and Gary Wang.
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