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  • 1440 Daily Digest

SBF Pleads Not Guilty

Sam Bankman-Fried, the disgraced founder of failed cryptocurrency exchange FTX, pleaded not guilty to eight felony counts in New York yesterday, including conspiracy, fraud, and money laundering. After extradition from the Bahamas in December, he was released on a $250M bail bond secured against his parents' California home, where he was court-ordered to stay. A trial is set for October.

The 30-year-old is accused of secretly using billions of FTX deposits to cover losses at his separate investment firm, Alameda Research. Once valued around $32B, the exchange filed for bankruptcy in November after news it was illicitly transferring funds caused a surge in withdrawals it couldn't cover. Two of Bankman-Fried's closest former colleagues, Gary Wang and Caroline Ellison, pleaded guilty in December as they opted to cooperate with prosecutors.

The bail—reportedly one of the largest in history—was secured by Bankman-Fried's parents and two individuals whose identities the judge agreed to redact to remove them from media scrutiny.

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