Former FTX CEO Sam Bankman-Fried, otherwise known as SBF, will enter a plea on January 3, 2023, regarding the criminal charges filed against him in the aftermath of the FTX collapse.
The latest development comes shortly after the former crypto boss was released on bail following his arrest and extradition to the United States.
- According to Reuters on Wednesday (December 28, 2022), SBF will be arraigned before Manhattan federal court on January 3, 2023.
- As previously reported by CryptoPotato, Bankman-Fried was arrested by Bahamian Authorities on December 12 and was later extradited to the United States.
- The former FTX boss is facing multiple charges from US federal regulators, with prosecutors also slamming eight criminal charges against SBF.
- While Bankman-Fried is yet to plead guilty to any of the charges, his associates, FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, pleaded guilty to crimes such as securities fraud and money laundering.
- SBF was recently granted a $250 million bail and will live with his parents in Palo Alto, California while wearing an electronic monitoring bracelet.
- Recall that FTX filed for bankruptcy in the middle of October, shortly after SBF assured that the company is doing just fine and had no solvency issues. Since then, reports continue to emerge, shedding more light on the fraudulent schemes the FTX and Alameda execs were running for years.
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Source: https://cryptopotato.com/sbfs-plea-in-ftx-fraud-case-to-happen-next-week-report/