On Tuesday, Sam Bankman-Fried pleaded not guilty to eight charges related to the collapse of his former crypto exchange FTX and hedge fund, Alameda Research, in front of a New York federal court. The former crypto billionaire was accused of conspiring to commit wire fraud, securities fraud, money laundering, and conspiring to circumvent laws governing campaign finance.
Attorneys for FTX maintain that Bahamian regulators illegally transferred hundreds of millions of dollars and that Bankman-Fried assisted them. On December 21, Bankman-Fried arrived back in the United States from the Bahamas. The following day, he was freed on a $250 million recognizance bond, which was secured by his California family home.
As part of their ongoing investigation into Bankman-Fried and the fall of FTX, federal prosecutors also said that they would start a new task force to help victims get their money back. This task force is needed to make sure that people who lost money because of Bankman-Fried’s fraud can get their money back.
