If convicted, the founder and former CEO of collapsed cryptocurrency exchange FTX faces 115 years in prison.
Sam Bankman-Fried, the founder and former CEO of collapsed cryptocurrency exchange FTX, appeared in a federal court in Manhattan on Tuesday afternoon and pleaded not guilty to eight counts of defrauding customers, laundering money, and violating campaign finance laws. If convicted, he faces up to 115 years in prison.
An unsealed indictment said that the crypto entrepreneur “knowingly devised” a scheme to defraud his customers. A US attorneyat a press conference that FTX was “one of the biggest financial frauds in US history” and that Bankman-Fried used the allegedly stolen money “for his personal benefit.”
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