NEW YORK ¨C Sam Bankman-Fried pleaded not guilty on Tuesday to criminal charges that he cheated investors in his now-bankrupt FTX cryptocurrency exchange and caused billions of dollars in losses, in what prosecutors have called an ¡°epic¡± fraud.
He entered his plea in Manhattan federal court, where he faces eight criminal counts, including wire fraud and money laundering conspiracy. The 30-year-old ex-mogul is accused of looting FTX customers¡¯ deposits to support his Alameda Research hedge fund, buy real estate and donate millions of dollars to political causes.
¡°Customer funds were also used and laundered through political donations, charitable donations and a variety of venture investments,¡± Danielle Sassoon, a federal prosecutor, said at the hearing.
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