In his first appearance on US soil since his arrest in the Bahamas, Bankman-Fried was granted a $250 million bail package, secured by his parents' Palo Alto home, which is worth nowhere near that amount. Furthermore, Sam Bankman-Fried pleads not guilty.
Sam Bankman-Fried, the creator of FTX, has entered a not guilty plea to the accusations against him and will go on trial in October.
After hearing from US prosecutors that they intend to present the whole of their evidence in the case over the course of the following month, US District Judge Lewis Kaplan set the besmirched crypto monarch's trial date for October 2nd during his appearance on Tuesday in US District Court in New York, according to Bloomberg.
While the plea was not unexpected, it buys the 30-year-old more time, legal experts say. Bankman-Fried will get a better idea on the evidence prosecutors have against him and plan his next move. The plea puts the case on track for a lengthy trial, which could last at leas...
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