NEW YORK, NY - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. He was released on $250 million bond with the bail package requiring him to stay with his parents in California. (Photo by David Dee Delgado/Getty Images)

FTX founder Sam Bankman-Fried likely to enter plea deal: report 

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Sam Bankman-Fried is expected to enter a plea deal next week to fraud charges connected to the collapse of the Bahamas-based cryptocurrency exchange he founded,, Reuters reported early Thursday morning, Hong Kong time.

See related article: Crypto addresses linked to Alameda Research have moved over US$100,000

Fast facts

  • Bankman-Fried is expected to appear back in the Manhattan federal court on Jan. 3, 2023. He will face U.S. District Judge Lewis Kaplan, who took over the case on Tuesday after the original judge recused herself due to her husband’s law firm advising FTX before it collapsed, according to Reuters. 
  • Prosecutors have accused the 30-year-old entrepreneur of conducting a years-long fraud, using customer deposits to fund his crypto trading firm Alameda Research, buy extravagant real estate and make political contributions.
  • Two of Bankman-Fried’s associates, former Alameda chief executive officer Caroline Ellison and former FTX chief technology officer and cofounder Gary Wang, have been cooperating with prosecutors after pleading guilty to charges related to the alleged fraud scheme.
  • According to Ellison, FTX executives, including former CEO Bankman-Fried, deliberately misled lenders and customers about the funds Alameda was borrowing from now-bankrupt FTX.
  • Bankman-Fried has been ordered to stay at his parents’ home in California following his release on a US$250 million bail deal on Dec. 22, which has been called the “largest ever pretrial bond.”

See related article: FTX customers file lawsuit for priority repayment

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