Cryptocurrency

SBF free on bail for 10 months until trial in October as he pleads not guilty

Hull Invest

FTX founder Sam Bankman Freed pleaded He was acquitted of eight charges brought against him at his hearing in New York federal district court on January 3.

The FTX founder appeared in court with attorneys Mark Cohen and Christian Everdell before U.S. District Judge Louis Kaplan. The court granted SBF’s plea in light of the threats his parents had received since FTX collapsed. Judge Kaplan granted the request, but left open the possibility of reconsidering the issue in the event of objections.

The U.S. District Court set a trial date of October 2, 2023, following U.S. prosecutors’ promises to provide all evidence within four weeks. The plea, not unexpectedly, will give Bankman-Fried more time to evaluate the evidence prosecutors have against him.

Bankman-Fried was previously released on a record $250 million bail. According to the terms of his bail, he will be monitored at all times, undergo regular mental health checks, surrender his passport, and cannot be moved from the Northern District of California.

Additionally, according to the latest filing, the SBF asked the court to redact the names of the bail co-signers, citing personal privacy and safety concerns.

Others associated with the case, former Alameda Research CEO Caroline Ellison and FTX Chief Technology Officer Gary Wang, pleaded guilty to fraud charges in the cooperation agreement.

Meanwhile, another key figure in the case, FTX’s former engineering director Nishad Singh, has been missing since FTX filed for bankruptcy. 7.8% investment on the platform.

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