One more turn in SBF’s court saga as he pleads not guilty.
Sam Bankman-Fried (known as SBF) pleaded not guilty to fraud and money laundering charges during the court appearance on August 22nd.
The former CEO of crypto exchange FTX is facing several counts of charges, including additional accusations related to campaign finances.
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He was taken into custody on August 11th after being denied bail. He was remanded for the last 11 days, and his defense argued that this makes it hard for Bankman-Fried to prepare for the upcoming trial.
His defense argued that the limited time allocated to Bankman-Fried to communicate and strategize with his lawyers might not be enough. The legal team requested Bankman-Fried to be given access to a laptop with internet.
Potentially, the defendant could be allowed to go to the courthouse two days a week for half a day. But his communication with his lawyers would include pen and paper, and according to his defense, he “can hold it up to us through the glass.”
But that’s not all the woes Bankman-Fried is facing. Reportedly, he’s running low on medication, and he’s not being provided with vegan meals, with the defense lawyer stating:
They are serving him a flesh diet. He is only eating bread and water, and sometimes peanut butter.
The legal circumstances serve as a prelude to the two major court dates set for October 2023 and March 2024.
Bankman-Fried became embroiled in lawsuits after the company’s collapse. FTX exchange collapsed in late 2022, losing billions in the aftermath. He initially stayed in the Bahamas to avoid charges but later on signed extradition papers. Initially, he was allowed to stay out of prison on bail, but it was withdrawn.
