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    Home»News»Sam Bankman-Fried To Enter Plea Deal Next Week 
    News

    Sam Bankman-Fried To Enter Plea Deal Next Week 

    Rea K.By Rea K.December 29, 2022Updated:December 29, 20221 Min Read
    Sam Bankman-Fried To Enter Plea Deal Next Week 
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    According to court documents filed on Wednesday, FTX founder Sam Bankman-Fried is expected to be arraigned and enter a plea in federal court in Manhattan on felony accusations of wire fraud, money laundering, and campaign finance crimes on Tuesday.

    The 30-year-old is charged with stealing billions of dollars in investor and client funds through his hedge fund Alameda Research and Bahamas-based cryptocurrency exchange FTX.

    Last Monday, Bankman-Fried was extradited from the Bahamas. Later, he was granted a $250 million bond and allowed to return to his California parents’ house.

    According to federal officials, Caroline Ellison and Gary Wang, two Bankman-Fried’s inner circle members, pled guilty to criminal charges and are now assisting prosecutors in their ongoing inquiry into FTX’s demise.

    The collapse of Bankman-Fried’s crypto empire touched off a market contagion that completely changed the landscape of the digital asset market.

    It has also compelled Washington officials to take stock of their perceptions of Bankman-Fried, a significant political contributor, as a crucial industry player in future debates over the regulation of cryptocurrencies.

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