• Sam Bankman-Fried, the founder of FTX, pleaded not guilty to the eight charges filed against him in the US District Court on Jan. 3
• The court granted SBF’s plea, giving him more time to assess the evidence against him
• The US District Court set a trial date for Oct. 2, 2023, following promises by US prosecutors that they would produce all evidence within four weeks
On January 3rd, 2023, Sam Bankman-Fried, the founder of FTX, appeared in the New York US District Court to plead not guilty to the eight charges filed against him. The court heard arguments from both sides and ultimately granted SBF’s plea, considering the threats his parents have received since FTX collapsed.
Judge Lewis Kaplan, who presided over the hearing, set a trial date for October 2nd, 2023, and also granted Bankman-Fried more time to assess the evidence prosecutors have against him. As part of the plea agreement, the US District Court stipulated that US prosecutors must produce all evidence within four weeks.
In addition to pleading not guilty, SBF was also granted bail for a record $250 million bond. As part of the bail conditions, he must be monitored constantly, undergo regular mental health checks, surrender his passport, and can’t move out of the Northern District of California. Furthermore, SBF has requested the court to allow him to travel to the United Kingdom and Israel while awaiting trial.
Overall, Bankman-Fried’s plea of not guilty to the eight charges filed against him in the US District Court is a big step forward in his defense. It gives him more time to assess the evidence prosecutors have and also allows him to travel to the United Kingdom and Israel while awaiting trial. With the trial date set for October 2nd, 2023, the future of Bankman-Fried and FTX remains uncertain.
