(MENAFN) Samuel Bankman-Fried, the founder and former CEO of cryptocurrency trade platform FTX, has pleaded 'not guilty' to five additional charges against him at a federal court in New York. The charges, which include conspiring to bribe Chinese government officials, were announced earlier this week. Bankman-Fried is accused of attempting to regain access to his hedge fund Alameda Research's trading accounts that had been frozen by Chinese authorities in November 2021. He also faces four other charges, including conspiracy to commit wire fraud, operating an unlicensed money transmitter, defrauding the Federal Election Commission, and making unlawful political contributions.
Bankman-Fried's attorney, Mark Cohen, plans to file a motion against the new charges, arguing that his client cannot be tried on charges brought after his extradition from the Bahamas. The former CEO initially faced eight charges, including conspiracy to commit money laundering and securities and commodities fraud, to which he also pleaded not guilty in the US District Court in Manhattan. With the new charges, Bankman-Fried now faces a total of 13 charges relating to the implosion of FTX, which was once the world's third-largest crypto trading platform by daily volume.
Bankman-Fried, who turned 31 earlier this month, was released on $250 million bail in December after pleading not guilty to the initial eight charges. He remains in confinement at his parents' home in Palo Alto, California. The charges against him have raised concerns about the regulation and oversight of the cryptocurrency industry, and the need for greater transparency and accountability in the sector. The outcome of the case is likely to have significant implications for the future of cryptocurrency trading and regulation.
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