Sam Bankman-Fried, the thirty-year-old founder of FTX exchange who declared bankruptcy in November, pleaded not guilty to the alleged fraudulent activities such as conspiracy and money laundering. The court accused SBF of secretly using FTX exchange funds in his other investment company Alameda Research to cover the incurred losses. The news resulted in a rapid outflow from the exchange resulting in its bankruptcy.
Gary Wang and Caroline Ellison, two of SBF’s former colleagues, pleaded guilty to cooperating with the felony. The court released SBF in December following a $250 million bail bond secured against his parents’ house in California, where he must stay. Read more here.
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