The Wall Street Journal reports that disgraced FTX founder Sam Bankman-Fried is expected to plead not guilty to the charges against him.
according to report good, the FTX founder isn’t planning on going down easily, despite the evidence against him. He is expected to enter a plea of not guilty on January 3. pleaded guilty, The two executives include Carolyn Ellison of Alameda Research and Gary Wang, CTO of FTX.
sbf maintains innocence
Former FTX CEO Maintains Innocence Since Exchange Exchange resolved in November. While many describe his actions as clear fraudulent activities, the SBF Insisted That they were mistakes that got out of hand.
Mr. Bankman-Fried faces an eight-count charge that includes wire fraud, conspiracy to commit money laundering, and conspiracy to commit campaign finance violations. If convicted, the SBF can be jailed for up to 100 years.
SBF’s plea of not guilty is likely to prolong the case. But it will also provide more insight into the workings of the exchange and the events that ultimately led to its collapse.
FTX accuses Bahamian authorities of illegal asset forfeiture
The current management of the bankrupt exchange said that the Bahamas Securities Commission (SCB) seized $300 million without approval as of December 30 press Statement,
According to the press statement, the SCB ordered Sam Bankman-Fried and Gary Wang to transfer approximately $296 million worth of digital assets to Fireblocks. purse, The cryptocurrencies transferred included 195 million FTT tokens, 1,938 ETH, and many other digital assets with little or no value. As of December 30, the value of assets has dropped to $167 million.
In addition to their claims, the FTX management stated that it has sufficient evidence regarding the transfer, adding that neither the disgraced founders nor the SCB have any rights over the mentioned properties.
Meanwhile, Bahamian officials revealed confiscated $3.5 billion in assets from FTX on 12 November. According to the new FTX management, the financial regulator did not disclose the type of crypto assets seized, nor did they reveal their valuation methodology. Therefore, the group urges the SCB to clear the confusion regarding the attached properties.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.
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