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Sam Bankman-Fried 'likely to plead NOT GUILTY' for defrauding investors of billions

FTX founder Sam Bankman-Fried will likely plead not guilty to eight counts of fraud at a hearing next week, according to the Wall Street Journal.

The US Attorney’s Office for the Southern District of New York previously charged Bankman-Fried with eight counts of fraud, alleging that he oversaw one of the largest financial frauds in US history.

Meanwhile, the 30-year-old broke his house arrest silence by rebutting allegations that he reactivated the Alameda wallets just days after posting his $250 million bail.

The embattled cryptocurrency tycoon denied access to the now-bankrupt trading company Alameda Research, FTX’s sister company, on social media on Friday.

Disgraced cryptocurrency tycoon Sam Bankman-Fried ‘will likely plead not guilty’ to eight fraud charges at a hearing next week, according to the Wall Street Journal

Bankman-Fried's parents' home, where he will take refuge during house arrest

Bankman-Fried’s parents’ home, where he will take refuge during house arrest

“None of them are me,” he said in a Twitter post in which he linked to a cointelegraph.com article covering a wide range of news on blockchain technology, crypto assets and emerging fintech trends.

The article spoke of funds being transferred from crypto wallets just days after the former CEO was released on bail.

He goes on to state that the transfer of funds from the Alameda wallets ‘has piqued the curiosity of the community’, but more than that, how the funds were transferred.

‘I am not and could not be moving any of these funds; I no longer have access to them,’ Bankman-Fried said.

According to Forkast, a website that reports on emerging technology, the second set of cryptocurrency transactions on Thursday were likely executed by liquidators.

Speaking to blockchain analytics firm Nansen, the most recent transactions came after cryptocurrency wallets linked to Alameda Research, the trading arm of FTX.com, the Bahamas-based cryptocurrency exchange, resumed activity on Wednesday for the first time. time since December 1st.

The feisty cryptocurrency tycoon denied access to the now bankrupt trading company Alameda Research, sister company of FTX, on social media on Friday

The feisty cryptocurrency tycoon denied access to the now bankrupt trading company Alameda Research, sister company of FTX, on social media on Friday

They told the agency that this is what set off “big alarm bells” among industry watchers.

Bankman-Fried is expected to file an appeal next week in response to criminal charges, which allege he defrauded investors and looted billions of dollars in customer funds on his bankrupt cryptocurrency exchange.

The 30-year-old will be arraigned three days into the new year at 2 pm on Jan. 3 before US District Judge Lewis Kaplan in federal court in Manhattan, the court confirmed to DailyMail.com.

Kaplan was given the case on Tuesday after the original judge refused due to her husband’s law firm advising FTX before its shocking collapse.

Bankman-Fried is accused of engaging in a years-long ‘fraud of epic proportions’, which he carried out primarily using customer deposits to support his trading company Alameda Research, as well as to buy real estate and make record political contributions.

Bankman-Fried, founder and former CEO of cryptocurrency exchange FTX, is taken in handcuffs to a plane during his extradition from the Bahamas to the United States on Dec.

Bankman-Fried, founder and former CEO of cryptocurrency exchange FTX, is taken in handcuffs to a plane during his extradition from the Bahamas to the United States on Dec.

Barbara Fried, mother of the feisty founder of FTX, was seen arriving at court on Dec. 22 in New York.  Bankman-Fried's Parents Have Agreed to Sign a $250 Million Bail

Barbara Fried, mother of the feisty founder of FTX, was seen arriving at court on Dec. 22 in New York. Bankman-Fried’s Parents Have Agreed to Sign a $250 Million Bail

The embattled ‘cryptomaniac’ faces two counts of wire fraud and six counts of conspiracy, including money laundering and committing campaign finance violations.

If convicted, he faces life in prison if he gets the maximum sentence which comes to 115 years in prison.

Prior to his December 12 arrest in the Bahamas, SBF acknowledged failures in risk management at FTX, but said it does not believe it is criminally responsible.

Two of his key associates, former Alameda CEO Caroline Ellison and former FTX chief technology officer Gary Wang, pleaded guilty to their roles in the FTX collapse and agreed to cooperate with prosecutors.

Bankman-Fried was released on December 22 on $250 million bail and ordered to remain under house arrest with his parents in their $4 million home in Palo Alto, California, where they teach at Stanford Law School.

FTX filed for bankruptcy protection on Nov. 11 as the once-praised company collapsed under the weight of its own failing system.

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