Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

FTX's Sam Bankman-Fried to plead not guilty to fraud

  • By Al Mayadeen English
  • Source: Agencies
  • 31 Dec 2022 10:22
3 Min Read

Bankman-Fried is accused of fraudulently using FTX customer deposits to fund his Alameda Research hedge fund, purchase real estate, and make political contributions totaling millions of dollars.

  • x
  • Former FTX chief executive Sam Bankman-Fried (REUTERS)
    FTX founder Sam Bankman-Fried (Reuters)

Sam Bankman-Fried is scheduled to submit a not-guilty plea on Tuesday to criminal allegations that he defrauded investors and plundered billions of dollars at his now-bankrupt FTX cryptocurrency exchange, as per a source familiar with the matter.

Bankman-Fried is accused of fraudulently using FTX customer deposits to fund his Alameda Research hedge fund, purchase real estate, and make political contributions totaling millions of dollars.

He is set to enter a plea before US District Judge Lewis Kaplan in Manhattan on Tuesday at 2 pm EST (1900 GMT).

It is not uncommon for criminal defendants to enter a not-guilty plea at the outset. Defendants have the option of changing their plea at a later date.

Bankman-Fried has been released on $250 million bond since his extradition from the Bahamas, where he lived and where the exchange took place, last month.

Related News

FTX sues Binance and ex-CEO Changpeng Zhao, alleging $1.8Bln in fraud

Ex-Binance CEO faces prison time in US over money laundering charges

In further detail, he has been subject to electronic surveillance since his release and is compelled to live with his parents, both professors at Stanford Law School in California.

The MIT graduate has been charged with two charges of wire fraud and six counts of conspiracy, including conspiracy to launder money and commit campaign finance violations. If convicted, he may face up to 115 years in prison.

Bankman-Fried admitted to making mistakes while running FTX, but he believes he is not criminally culpable.

The 30-year-old crypto tycoon rode a surge in the value of bitcoin and other digital assets to become a multi-billionaire and a powerful political donor in the United States until FTX went bankrupt in early November following a rush of withdrawals. On November 11, the exchange declared bankruptcy.

The guilty pleas of two of Bankman-Fried's closest acquaintances last month bolstered the prosecution case.

Caroline Ellison, the former CEO of Alameda, and Gary Wang, the former CEO of FTX, pleaded guilty to seven and four criminal offenses, respectively, and agreed to cooperate with authorities.

According to a transcript of her December 19 plea hearing, Ellison told prosecutors that she agreed with Bankman-Fried to conceal from FTX's investors, lenders, and clients that the hedge fund could borrow an unlimited amount from the exchange.

  • Sam Bankman-Fried
  • FTX
  • customer deposits
  • crypto

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS