Sam Bateman Freed, the former crypto executive involved in the collapse of FTX and its sister hedge fund, Alameda, has pleaded not guilty to five new charges in New York federal court. The charges, which include bank fraud, money laundering, making unlawful political contributions, and bribing a foreign government, are in addition to the accusations already leveled against Freed.
According to the U.S attorney’s office for the southern district of New York, Freed is accused of directing the payment of at least $40 million in cryptocurrency to one or more Chinese government officials in an attempt to unfreeze trading accounts linked to Alameda research. Freed has denied these allegations and will have the opportunity to present his case in court.
The trial, which is expected to begin in October, has significant implications for the crypto industry. Investors, regulators, and industry experts will be closely watching the outcome of the trial, as it could have far-reaching consequences for the industry as a whole.
Freed’s plea of not guilty to the new charges comes as a surprise to many, as the allegations against him are serious. The case has already generated a significant amount of media attention, and the trial is likely to be closely followed by both industry insiders and the general public.