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Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
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Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

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.

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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

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