Investing

SBF Likely to Plead Not Guilty, Takes to Twitter For the First Time Since Arrest

According to a recent report, Sam Bankman-Fried is expected to plead not guilty when he appears before the court next week. Furthermore, the fallen billionaire took to Twitter for the first time since his release to deny any involvement with Alameda’s recent token swaps.

Sam Bankman-Fried Expected to Plead Not Guilty

Sam Bankman-Fried is allegedly expected to plead not guilty to the multiple charges of money laundering and fraud filed against him by the SEC, the CFTC, and the DoJ. Earlier this week, it was reported that the fallen billionaire is expected to enter his plea on January 3rd.

Earlier this month, Sam Bankman-Fried was arrested in the Bahamas and extradited to the United States for his involvement with the bankrupt cryptocurrency exchange FTX. After the company’s downfall, numerous reports came out on the scale of comingling and misuse of customers’ assets under SBF’s management.

These allegations, along with testimonies and information provided by the new CEO, John J. Ray III, and his team, led to criminal charges against multiple former executives. The bankruptcy proceedings of FTX are made significantly more complicated by the way the firm was previously run, and due to the fact it allegedly had next to no record-keeping.

Last week, the SEC revealed its charges against Bankman-Fried’s close associates, Caroline Ellison and Gary Wang. Furthermore, it was reported that both of them already pled guilty and agreed to cooperate with Wang’s involvement being commonly considered particularly troublesome for SBF due to his close relationship with FTX’s former CEO.

SBF Takes to Twitter to Deny Involvement With Alameda’s Wallet Activity

On December 22nd, Sam Bankman-Fried was released to house arrest on a $250 million bail package and has maintained his silence since. Today, he took to Twitter for the first time since December 9th to deny any involvement with the recent activity of Alameda Research’s wallets. He also added he is hoping the activity came from “various legit legs of FTX” and, once again, offered his help to regulators.

Earlier this week, it was reported that FTX’s sister company, Alameda Research was swapping Ethereum-based tokens and other digital assets for Bitcoin. The activity sparked numerous comments from the crypto community with some believing the firm was simply consolidating assets for easy liquidation, while others were suspecting foul play.

Alameda Research is a company that played a crucial role in FTX’s bankruptcy. Soon after the exchange collapsed, it was reported that it had loaned billions of dollars worth of users’ assets to Alameda. More recently, Alameda’s Caroline Ellison confirmed that she and her company, in agreement with SBF, facilitated and obfuscated large loans to various FTX executives.

The post SBF Likely to Plead Not Guilty, Takes to Twitter For the First Time Since Arrest appeared first on Tokenist.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.