Sam Bankman-Fried, the founder of FTX, enters a not guilty plea to fraud charges

As per reports, on Tuesday, January 3, the founder and former CEO of FTX entered a not guilty plea to charges connected to the collapse of his cryptocurrency exchange and hedge fund Alameda Research in a federal court in New York. Charges against the former billionaire include securities fraud, wire fraud, money laundering, and conspiring to break the law regarding campaign fundraising. October will see the start of the trial. Bankman-attorneys Fried's also asked to know who the two individuals were who had pledged to have the former CEO released on bail with a bond. [caption id="" align="aligncenter" width="1200"] Image credit- Bloomberg[/caption] They contended that since the defendant and the case's high prominence had already put Bankman-parents Fried's in danger, the guarantors shouldn't be exposed to the same scrutiny. In the end, the court approved the motion. FTX Resources Federal prosecutor Danielle Sassoon claims that Bankman-Fried worked with foreign regulators to transfer assets that the US management of FTX had been attempting to reclaim through the Chapter 11 bankruptcy process. It is important to note that the conflict between Bahamas regulators and FTX's US lawyers has been ongoing for weeks in Delaware bankruptcy court. Attorneys representing FTX are of the opinion that Bankman-Fried assisted Bahamian regulators in the illicit movement of hundreds of millions of dollars. [caption id="" align="aligncenter" width="1200"] Image credit- The Hindu[/caption] Bahamian officials argue that they have jurisdiction over those assets under local law and challenge the legality of the US Chapter 11 proceedings. According to reports, the US attorneys for FTX and the federal prosecutors appear to be in agreement. Sassoon asked Kaplan to impose a new ban on Bankman-Fried accessing or moving assets belonging to FTX clients. This motion was also granted by the judge. Bankman-Fried returned to the US from the Bahamas on December 21. He was released the following day after posting a $250 million recognisance bail that was secured by his California house.