• Sam Bankman Fried, former CEO of FTX, appeared before a federal court in New York and pleaded not guilty to eight charges, including those related to wire fraud and conspiracy to commit fraud.
• Following his extradition from the Bahamas, Bankman Fried was granted a $250 million bail and released under the custody of his parents.
• Judge Kaplan accepted SBF’s plea and set the trial date for October 2, 2023.

Sam Bankman Fried, the former CEO of FTX, recently appeared before a federal court in New York to face a set of eight charges, including those related to wire fraud and conspiracy to commit fraud. The former executive pleaded not guilty to all charges, and the judge accepted his plea.

The charges were the result of an investigation into the collapse of the crypto exchange, which allegedly caused users to lose billions of dollars. It was also alleged that Bankman Fried had used customers’ funds to prompt up his trading arm, Alameda Research.

Following his extradition from the Bahamas, Bankman Fried was granted a $250 million bail and released under the custody of his parents. This was met with controversy, as many FTX users felt that Bankman Fried was to blame for their losses.

Judge Kaplan accepted Bankman Fried’s plea and set the trial date for October 2, 2023. It remains to be seen if the former FTX executive will stick to his plea or change it later as part of an agreement with law enforcement agencies.

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