Sam Bankman-Fried, the creator of the now-defunct crypto exchange FTX, has pleaded not guilty to criminal charges of wire fraud and conspiracy.
Prosecutors allege that Bankman-Fried misused customers’ funds from FTX to pay off loans obtained by his affiliated crypto hedge fund, Alameda Research, and to make investments in other businesses, as well as donations to political campaigns.
Bankman-Fried maintains his innocence and states he was not aware of the misuse of customer funds.
Two senior executives from Bankman-Fried’s businesses, Gary Wang and Caroline Ellison, have admitted guilt to several criminal charges and are assisting prosecutors.
Bankman-Fried, released on a $250 million bond and under house arrest, faces up to 115 years in jail if found guilty of all accusations. The trial is scheduled for October 2.