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Sam Bankman-Fried plea to come in fraud case over FTX cryptocurrency exchange

Sam Bankman-Fried
Posted at 1:32 PM, Dec 28, 2022
and last updated 2022-12-28 16:32:33-05

FTX cryptocurrency exchange founder Sam Bankman-Fried was expected to enter in a plea over the fraud case on his now bankrupt trading company.

The plea is expected to come as early as next week as he faced criminal charges for defrauding investors before taking billions of dollars out of customer fund accounts from his failed exchange.

The collapse of FTX has been considered one of the worst exchange failures in recent history.

The effects of this case are expected to make a major impact on the industry as a whole, as Bitcoinist reported.

Earlier in December, Bankman-Fried was arrested in the Bahamas at the request of U.S. authorities where he was then flown to New York, after he decided not to challenge his extradition.

The U.S. attorney in Manhattan announced that day that two of Bankman-Fried's closest business associates were also charged and had pleaded guilty, the Associated Press reported.