According to a recent report, Sam Bankman-Fried is expected to plead not guilty when he appears before the court next week. Furthermore, the fallen billionaire took to Twitter for the first time since his release to deny any involvement with Alameda\u2019s recent token swaps.<\/p>\n
Sam Bankman-Fried is allegedly expected to plead not guilty to the multiple charges of money laundering and fraud filed against him by the SEC, the CFTC, and the DoJ. Earlier this week, it was reported that the fallen billionaire is expected to enter his plea on January 3rd.<\/p>\n
Earlier this month, Sam Bankman-Fried was arrested in the Bahamas and extradited to the United States for his involvement with the bankrupt cryptocurrency exchange FTX. After the company\u2019s downfall, numerous reports came out on the scale of comingling and misuse of customers\u2019 assets under SBF\u2019s management.<\/p>\n
These allegations, along with testimonies and information provided by the new CEO, John J. Ray III, and his team, led to criminal charges against multiple former executives. The bankruptcy proceedings of FTX are made significantly more complicated by the way the firm was previously run, and due to the fact it allegedly had next to no record-keeping.<\/p>\n
Last week, the SEC revealed its charges against Bankman-Fried\u2019s close associates, Caroline Ellison and Gary Wang. Furthermore, it was reported that both of them already pled guilty and agreed to cooperate with Wang\u2019s involvement being commonly considered particularly troublesome for SBF due to his close relationship with FTX\u2019s former CEO.<\/p>\n
On December 22nd, Sam Bankman-Fried was released to house arrest on a $250 million bail package and has maintained his silence since. Today, he took to Twitter for the first time since December 9th to deny any involvement with the recent activity of Alameda Research\u2019s wallets. He also added he is hoping the activity came from \u201cvarious legit legs of FTX\u201d and, once again, offered his help to regulators.<\/p>\n
None of these are me. I’m not and couldn’t be moving any of those funds; I don’t have access to them anymore.https:\/\/t.co\/5Gkin30Ny5<\/p>\n
\u2014 SBF (@SBF_FTX) December 30, 2022<\/p>\n
Earlier this week, it was reported that FTX\u2019s sister company, Alameda Research was swapping Ethereum-based tokens and other digital assets for Bitcoin. The activity sparked numerous comments from the crypto community with some believing the firm was simply consolidating assets for easy liquidation, while others were suspecting foul play.<\/p>\n
Alameda Research is a company that played a crucial role in FTX\u2019s bankruptcy. Soon after the exchange collapsed, it was reported that it had loaned billions of dollars worth of users\u2019 assets to Alameda. More recently, Alameda\u2019s Caroline Ellison confirmed that she and her company, in agreement with SBF, facilitated and obfuscated large loans to various FTX executives.<\/p>\n
The post SBF Likely to Plead Not Guilty, Takes to Twitter For the First Time Since Arrest appeared first on Tokenist.<\/p>\n
Sponsored: Find a Qualified Financial Advisor<\/b><\/p>\n
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.<\/p>\n