SBF entered a not-guilty plea in front of the judge and his attorneys, Mark Cohen and Christian Everdell, regarding all counts against him.
Sam Bankman-Fried, better known by his nickname "SBF," served as the former chief executive officer of FTX and pled not guilty on January 3 to all eight counts of federal charges brought against him in New York.
About two months after the FTX exchange went down, which triggered an earthquake in the crypto currency market, the exchange's founder was called into court in the United States District Court. All eight allegations are connected to the failure of the crypto company FTX and the hedge fund Alameda Research, both of which have since gone out of business.
A former millionaire faces multiple allegations, including conspiracy to commit money laundering and wire fraud, conspiracy to misuse consumer funds, and more.
On Tuesday, when he drove up to the courthouse in a black SUV, a mob of people was already waiting for him to come. The crowd, who had been on the lookout with their cameras, became agitated upon his arrival.
Photographers struggled to acquire clear photographs of the former crypto billionaire as he was being escorted past the crowd by security personnel.
SBF Enters Not Guilty Plea to all 8 Charges
SBF entered a not-guilty plea in front of the judge and his attorneys, Mark Cohen and Christian Everdell, regarding all counts against him. We shared information before SBF's court appearance indicating that he will not plead guilty to the allegations against him.
According to the reports, the decision to have the former defendant enter a not-guilty plea has been the subject of intensive consideration by his legal team. Caroline Ellison and Gary Wang, co-executive directors at Bankman-Fried, have entered guilty pleas to the accusations that have been filed against them.
While Elison is charged with seven counts, Wang only faces four. Both of them are currently being investigated by the CFTC and the SEC for potential violations that could result in civil penalties.
If SBF is ultimately found guilty, even though he has pleaded not guilty, he could be facing as much as 115 years in jail. In its current state, the court case has the potential to become a protracted legal battle that will require many appearances in court.
Danya Perry, who previously worked as a federal prosecutor and served as an assistant US attorney, believes that the DIJ has a strong case against Bankman-Fried. Many people think that if SBF enters a not-guilty plea, it will allow the prosecution more time to look for more material to use in their defense of the case.
Additionally, the attorneys submitted a motion to keep the identities of two persons who have offered assistance with posting a multimillion-dollar bond for SBF yesterday morning.
The attorneys argued that the public nature of the case and the presence of the accused had already put SBF's parents in danger. They asserted that the parents
"have become the target of intense media scrutiny, harassment, and threats in recent weeks."
Judge Lewis Kaplan approved the motion after Mr. Bankman-parents Fried's evaluated a steady stream of endangering communications, such as messaging expressing their desire to suffer physical harm. Among other things, the motion was approved because the communications expressed a desire to see them injured.