Founder of Busted Cryptocurrency Exchange Faces Fraud Charges in Court

• Sam Bankman-Fried, founder of the now-bankrupt FTX cryptocurrency exchange, pleaded not guilty to a fresh indictment involving fraud and conspiracy.
• His lawyer voiced concerns about Bankman-Fried’s treatment in jail, claiming that he has been denied access to medication and given only bread and water.
• Bankman-Fried’s legal team is petitioning for release five days a week for evidence review at the Manhattan courthouse in order to prepare for his upcoming trial.

Sam Bankman-Fried Pleads Not Guilty

Sam Bankman-Fried, the 31-year-old founder of the bankrupt FTX cryptocurrency exchange, pleaded not guilty to a fresh indictment involving fraud and conspiracy when he appeared in Manhattan federal court earlier this month.

Defense Team Cites Inhumane Conditions in Jail

Bankman-Fried is currently being held at Brooklyn’s Metropolitan Detention Center, where his public defenders have raised issues about allegedly “inhumane” conditions. His attorney Mark Cohen claimed that jail authorities have declined to provide the requested vegan diet for Bankman-Fried, instead giving him only bread and water; they have also denied him access to Adderall, which he needs to manage his attention deficit hyperactivity disorder.

Petition Filed For Release Five Days A Week

Bankman-Fried’s legal team is petitioning U.S. District Judge Lewis Kaplan for permission to be released five days a week for evidence review at the Manhattan courthouse so that he can adequately prepare for his upcoming trial scheduled for Oct. 2; currently, he is permitted to convene with his attorneys in the courthouse every Tuesday equipped with an internet enabled laptop for approximately six and a half hours.

Background On The Case

Prior to November 2022 when FTX collapsed due to solvency crisis triggering an abrupt downfall of its CEO Dubbed “SBF” ,Sam Bankman Fried had orchestrated deals to salvage struggling cryptocurrency ventures alongside amassing immense wealth . He was subsequently detained by US judge on August 11 following allegations of witness tampering .

Conclusion

Despite denying risk management failures at FTX , SBF currently faces charges related to fraud and conspiracy as well as prison time under allegedly inhuman conditions . His defense team continues relentless efforts towards seeking justice through requests such as requesting release five days each week to work on evidence review .