News

Breaking: FTX Ex-CEO Denies $100M Political Influence and Fraud Charges

Sam Bankman-Fried's legal battle intensifies with new accusations. Pleads not guilty to charges of $100M and alleged political influence.
Breaking: FTX Ex-CEO Denies $100M Political Influence and Fraud Charges

Former FTX CEO Sam Bankman-Fried has pleaded not guilty to new accusations that accuse him of trying to influence U.S. politics by funneling $100 million in stolen cash. The Southern District of New York courts accused Bankman-Fried of seven counts of fraud, money laundering, and conspiracy on Tuesday.

August 11 saw a $250 million bail rev for the 31-year-old millionaire due to witness tampering accusations. Subsequently, he was sent to Brooklyn’s Metropolitan Detention Center, where he’s been ever since. Bankman-Fried, in his sixth superseding indictment hearing since his arrest, pled not guilty to all allegations.

Advertisement

Accusations and Defense Strategy

The allegations against the embattled former billionaire have changed several times. Prosecutors recently dropped multiple charges that had not been agreed upon during his extradition from the Bahamas in December, according to an extradition treaty with the Caribbean nation. Bankman-Fried still faces accusations of campaign finance corruption, but this is not a separate charge in the latest indictment.

Bankman-Fried’s defense team has raised concerns about their client’s well-being in federal lockup. They reported that he has been having difficulty accessing prescription medication and maintaining a vegan diet. 

His lawyers requested accommodations for his dietary needs and access to Adderall, a drug he takes for attention-deficit/hyperactivity disorder. They also noted that the prison had not provided him with EMSAM, an antidepressant.

Advertisement

Defence Preparation Concerns

Bankman-Fried’s attorneys also cited Sixth Amendment rights violations, claiming their client could not properly prepare for trial due to his detention since August 11. They noted that they had only been offered fictional solutions. 

The defense argued that without internet access and proper food and medication, Bankman-Fried would struggle to defend himself against what his attorney Mark Cohen described as an especially complex set of charges.

Magistrate Judge Sarah Netburn presided over the hearing. She said she would investigate the issues raised by the defense after the hearing adjourned, to resolve them by the end of the day.

The trial for Bankman-Fried is set to begin in early October. The prosecution and defense have submitted proposed jury instructions, which provide guidelines on how the judge should explain the charges and allegations to jurors.

 

Advertisement

Share
Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Bitget US Stock Futures Trading Volume Surpasses $200 Million

Victoria, Seychelles, October 20, 2025 — Bitget, the world’s largest Universal Exchange (UEX), announced that…

October 21, 2025
  • News

Binance Founder CZ Predicts Bitcoin Will Flip Gold’s $30 Trillion Market

Binance founder Changpeng Zhao, known as CZ, has reignited the long-running debate between Bitcoin (BTC)…

October 21, 2025
  • News

Trump Tariffs: U.S. President Threatens 155% Tariff on China, Bitcoin Falls

U.S. President Donald Trump has again threathened higher tariffs on China if they fail to…

October 20, 2025
  • News

Hassett Says Government Shutdown Could End This Week as Crypto Markets Brace for Inflation Data

GWhite House economic advisor Kevin Hassett said the ongoing U.S. government shutdown could end this…

October 20, 2025
  • News

‘Floki Is The CEO’: FLOKI Surges Over 20% After Elon Musk’s Name Drop

Elon Musk shook the crypto market by posting an image of his Shiba Inu dog,…

October 20, 2025
  • News

Breaking: Ripple-Backed Evernorth to Establish $1B XRP Treasury to ‘Accelerate’ XRP’s Adoption

Evernorth has announced plans to go public and launch the largest XRP treasury as part…

October 20, 2025