SBF is expected to plead not guilty on FTX fraud charges

SBF will enter a not-guilty plea on January 03, to eight fraud charges filed by US authorities.
He is expected to appear before U.S. District Judge Lewis Kaplan in Manhattan.
Experts believe that the charges levied by the US SEC clearly indicate that SBF will most likely plead guilty in its next hearing.

31-Dec-2022 By: Simran Mishra

As recently as the summer of 2022, Sam Bankman-Fried was one of the most known personalities in the crypto industry: a 30-year-old who founded one of the world's largest cryptocurrency exchanges. But by early November, he was at the epicenter of an epic firestorm that had destroyed both his empire and his image.

In December, Bankman-Fried was arrested in the Bahamas and charged with wire fraud, securities fraud, and money laundering, among other things. Later, he was extradited to the United States and released on a $250 million bail – the largest-ever pretrial bail.

Meanwhile, a recent report from The Wall Street Journal revealed that the Sam Bankman-Fried is expected to enter a not-guilty plea to fraud and other charges at his hearing next week. He is expected to appear before U.S. District Judge Lewis Kaplan in Manhattan on January 3 to enter a plea.

Is SBF not guilty?

If we consider the Sam Bankman-Fried interviews after the FTX crash, it implies that the liquidity crises took place as a result of operational failures and mismanagement. In a recent interview, SBF also stated that the platform does not intend to break the law or mislead investors.

In general, this suggests that the SBF is not to blame for its role in the FTX debacle. Prior to the event, Sam Bankman-Fried was known as the savior of the crypto industry. He was one of the crypto billionaires who was recognized in the market for his numerous endeavors.

But what if this turned out to be untrue and SBF pled guilty to its criminal activities?

What if SBF comes out guilty?

Experts believe that the charges levied by the US SEC and the Bahamas Securities Commission clearly indicate that SBF will most likely plead guilty in its next hearing. Recent reports also highlighted that Sam is spending too much money, which is against the terms of his bail agreement.

This also increases the likelihood of SBF pleading guilty at the next hearing. And if this unfolds, the start of the next year will become a celebratory event for the crypto community.

What do you think—will SBF enter a guilty or not-guilty plea in next week's hearing? Please share your valuable thoughts in the comment section below.

WHAT'S YOUR OPINION?