Sam Bankman-Fried is expected to enter a plea of not guilty to criminal charges that he cheated investors and looted billions of dollars at his now-bankrupt FTX cryptocurrency exchange, according to a source familiar with the matter
Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions, in what prosecutors have called a fraud of epic proportions.A lawyer for Bankman-Fried did not immediately reply to a request for comment.
Since his release, Bankman-Fried has been subject to electronic monitoring and required to live with his parents, both professors at Stanford Law School in California. Bankman-Fried's net worth, once estimated at $26 billion, was largely wiped out when the exchange collapsed. He later said that he had $100,000 in his bank account.
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