Sam Bankman-Fried: Founder of FTX Pleads Not Guilty to Fraud and Conspiracy Charges
Sam Bankman-Fried, 31-year-old founder of Cryptocurrency exchange FTX, bankrupt, has pleaded not guilty to a new indictment of fraud and conspiracy.
His lawyer expressed concerns about the treatment of Pinkman-Fried in jail during that first appearance in Manhattan federal court after he was taken into custody by a US judge earlier this month.
Alleged Inhumane Conditions
According to CoinDesk, Bankman-Fried has pleaded not guilty before United States Judge Sarah Netburn. He is currently being held at the Brooklyn Metropolitan Detention Center, which is a facility for public defenders often talked up about allegedly “inhumane” conditions.
Among other complaints, Bankman Fried’s attorney, Mark Cohen, claimed his client had been denied access to his medication, Adderall, which is essential for the management of attention deficit hyperactivity disorder.
Cohen as well added that jail authorities have declined to provide the required vegetarian diet for Bankman Fried, instead only giving him bread and water.
Fried Bankman, held in since August 11 after US District Judge Lewis Kaplan’s decision to cancel the bail over the alleged witness tampering, has a legal team that submitted a petition to Kaplan for releasing them five days a week for certificate review in Manhattan court.
The defense argues that without this allowance, they won’t have enough time to prepare appropriately for his next trial scheduled for 2. For now, Bankman-Fried is allowed to meet with his lawyers in the courtroom every Tuesday, equipped with a laptop that supports internet access for almost six and a half hours.
Crash
Dubbed “SBF”, Bankman-Fried had orchestrated deals for the bailout of struggling cryptocurrency projects, but his own field collapsed within a matter of days in November 2022.
Before collapsing, triggered due to the solvency crisis at FTX, Bankman-Fried rose up the ranks of cryptocurrency executives and amassed a massive fortune. However, the sudden fall culminated in the company’s unexpected bankruptcy and Bankman-Fried’s subsequent departure as CEO.
SBF has gone on to confess risk management fails in the exchange but continues to deny stealing users’ money.
