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Sam Bankman-Fried Pleads Not Guilty in FTX Legal Case

FTX Sam Bankman-Fried Not Guilty
By Nicolo Finazzi
Nicolo Finazzi

2 Min

August 23, 2023
  • Sam Bankman-Fried, former FTX CEO, pleads not guilty to fraud and money laundering charges.
  • His legal team raises concerns about his medical needs and Sixth Amendment rights.
  • The judge revoked Bankman-Fried's bail, and he sought permission to work with his defense team.

Sam Bankman-Fried, the former CEO and co-founder of the crypto exchange FTX, has entered a plea of not guilty to charges of fraud and money laundering. The charges were filed in an updated indictment by prosecutors, and were heard in court by Judge Sarah Netburn on August 22.

The indictment against Bankman-Fried includes seven counts of fraud and money laundering, along with an additional charge related to campaign finance. His legal team also expressed concerns regarding his medical needs during the proceedings. They informed the court that he follows a vegan diet and takes Adderall but has not received his medication for the past 11 days.

The legal team also highlighted concerns about the Sixth Amendment. Representatives asserted that their client was unable to prepare for trial due to his remand status since August 11.

Bankman-Fried's appearance in the Southern District of New York courthouse follows accusations of alleged misuse of customer funds for personal purposes and political donations. The charges of fraud and money laundering stem from incidents in December. Only recently, the case saw the addition of Campaign finance charges.

This legal development comes after Bankman-Fried's bail was revoked, leading to his exit from the New York courtroom in handcuffs. Previously, he had requested permission to work with his legal team outside of detention to prepare for his defense. The federal judge overseeing his case granted such permissions with some limitations.

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