'King of Crypto' Sam Bankman-Fried could face more than 100 years in prison if convicted.
Business reporter, New York
Sam Bankman-Fried pleaded not guilty in a US court to claims that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations.But he faces more than 100 years in prison if convicted.Two of Mr Bankman-Fried's closest colleagues have pleaded guilty
In interviews before his arrest, the 30-year-old former billionaire admitted failings but put the problems down to his own "mistakes".Mr Bankman-Fried, who founded FTX in 2019, was one of the most high-profile figures in the cryptocurrency industry, known for his political ties, celebrity endorsements and bailouts of other struggling firms.
In a press conference last month, federal prosecutors said the meltdown at the platform, which allowed customers to buy and sell digital tokens, stemmed from "intentional fraud".
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