Considered one of the three largest crypto exchanges in the crypto world, FTX went bankrupt after a series of events in which its founder and CEO, Sam Bankman-Fried, was accused of fraud. Bankman-Fried, on the other hand, was caught in the Bahamas in the past weeks after all the developments and was handed over to the USA.
Bankman-Fried, who faces multiple charges of fraud, collusion for fraud, collusion for securities fraud and collusion for securities fraud, was released last week on a $250 million bail.
He will say ‘I am innocent’ of all charges for which he could face 115 years in prison
The next important step will be taken on January 3 in the case, where the entire industry, as well as FTX victims, are following its developments with great curiosity. Bankman-Fried will appear in court in Manhattan on January 3 to give his defense.
According to Reuters’ sources, Bankman-Fried will present his defense by denying any accusations. Fried admitted that he had “made some mistakes” in the past, but claimed that he had not committed any crimes that would require criminal responsibility…
Gary Wang, former chief technology officer of FTX, and Caroline Ellison, general manager of Alameda Research, another company named in the lawsuit, which also co-founded Bankman-Fried, admitted to the majority of the charges and stated that they would cooperate with the prosecution.
This makes the defense by Bankman-Fried rather weak. However, there is no strong prediction yet about what the course of the case will be.
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