As anticipated, Sam Bankman-Fried, a troubled cryptocurrency trader and co-founder of FTX, entered a not guilty plea to fraud charges in a New York federal court on Tuesday.
The eight accusations brought against Bankman-Fried involved the collapse of FTX and hedge fund Alameda Research.
The accusations range from campaign finance violations to wire fraud, and the potential term for five of them is 20 years in jail.
Bankman-Fried entered a plea of not guilty, setting the scene for a court trial that federal judge Lewis Kaplan anticipates will start in October.
The 30-year-old former billionaire was accused by US prosecutors of defrauding the clients while misusing the finances of FTX and Alameda Research.
Bankman-Fried, who was regarded as a crypto genius at the time quickly went to the Bahamas to avoid scrutiny by the US authorities. It was only after the request of the federal prosecutors in New York that he was sent to a prison on the island country where he spent nine days.
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