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Breaking News: DOJ's Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian 'Pig Butchering' Scam
ftx ceo sam bankman fried

FTX Founder Sam Bankman Fried Will Enter Plea Over Fraud Case

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per a Reuters report, the founder and former CEO of FTX, Sam Bankman Fried (SBF), reached a deal with U.S. authorities. Following his extradition from the Bahamas, SBF was granted bail and allowed to go into the custody of his parents in Palo Alto, California.

Related Reading: Japan Plans On Easing Crypto Token Listings Despite FTX Crash

The FTX Founder is expected to plea over his involvement in a scheme that defrauded millions from its investors and lost billions in customer funds. The collapse of this crypto exchange has been one of the worst in recent financial history; its implications continue to ripple across the nascent industry.

Sam Bankman Fried To Avoid Time In Prison?

According to the report, the former FTX CEO will appear before U.S. District Judge Lewis Kaplan in a federal court in New York. The hearing will take place on January 3rd, 2023.

Reuters claims that Kaplan recently took on the case after the previous judge recused herself. The judge quit the case following accusations about her family’s ties to the FTX founder.

As Bitcoinist reported, upon his extradition from the Bahamas, SBF was charged with two counts of wire fraud and six counts of conspiracy to commit wire fraud. The charges include major accusations, such as money launder and alleged attempts to commit campaign finance violations.

SBF was a prominent political donor. According to several reports, the FTX founder donated millions to the two major political parties in the U.S., the democrats, and the republicans. Most likely, to protect himself in case the operation crashed.

The Democrats received over $40 million from FTX, SBF, or other representatives from the failed company. Meanwhile, the Republicans took over $23 million from the crypto exchange.

The case already saw two guilty convictions from Caroline Ellison, CEO of FTX’s trading arm, Alameda Research, and Gary Wang, former Chief Technology Officer of the crypto exchange. Both agreed to pay hefty fines for their involvement in the case.

Related Reading: MicroStrategy Doubles Down On Bitcoin Bet With $56.4 Million Purchase

In that sense, SBF is likely to take on a similar deal. However, authorities are yet to provide further details. Talking about the case and Sam Bankman-Fried’s choices, former U.S. Securities and Exchange Commission Chairman Jay Clayton said:

All of these things will be the subject of negotiation if there is a plea arrangement. Like you said before, there is a ton of considerations that are going to go into this (political, legal, financial, etc.). I think there will be tremendous pressure to reach a resolution (…).

Bitcoin FTX Sam Bankman Fried SBF FTT
BTC’s price is trading sideways on the daily chart. Source: BTCUSDT Tradingview

As of this writing, Bitcoin trades at $16,600 with sideways movement on the daily chart.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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