Former FTX CEO Sam Bankman-Fried (SBF), now free on $250 million bail, will reportedly plead not guilty to alleged financial fraud related to FTX and Alameda in court on January 3.
SBF was arrested in the Bahamas at the request of the US government on suspicion of defrauding investors and misappropriating funds on the FTX crypto exchange. After a Dec. 22 court hearing, SBF was released on bond and scheduled to appear in court on Jan. 3 before U.S. District Judge Lewis Kaplan in Manhattan.
During the hearing, SBF is expected to enter a plea of not guilty to the criminal charges, according to a Reuters report. On December 13, the SEC charged the former CEO of FTX with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Defendants have the right to plead not guilty during a preliminary court hearing and are allowed to change their pleas at the appropriate time.
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On December 28, the movement of funds from the Alameda wallet raised suspicions about SBF’s involvement in the anomaly. However, the businessman was quick to dispel the alleged rumours.
There is no me. I do not and cannot transfer any of these funds; I no longer have access.https://t.co/5Gkin30Ny5
— SBF (@SBF_FTX) December 30, 2022
SBF’s tweet was in response to a Cointelegraph report that a wallet address had received over 600 Ether (ETH) from a wallet belonging to Alameda.