Sam Bankman-Fried, founder of the now defunct cryptocurrency exchange FTX, is expected to enter a plea deal in the Manhattan federal court on January 3, 2023, in connection to fraud charges that have been brought against him.

Judge Lewis Kaplan, who took charge of the case after the original judge recused herself due to her husband’s law firm’s prior dealings with FTX, will preside over the hearing.

Bankman-Fried is accused of using customers’ deposits to fund his trading firm Alameda Research, purchase real estate, and make political contributions, in what is believed to be a years-long fraudulent scheme.

His compatriots, Caroline Ellison and Gary Wang, have both pled guilty to charges related to the alleged fraud and are assisting prosecutors.

SBF has been released on a $250 million bail and is currently residing at his parents’ home in California.