Sam Bankman-Fried, the founder of FTX, stated that he was innocent in his trial.
Arrested in the Bahamas last month, SBF is facing fraud and money laundering charges.
Sam Bankman-Fried Denies the Charges
It is not yet clear whether this defense of the SBF, which appears before US District Judge Lewis Kaplan, will be valid.
SBF, the founder of FTX, which filed for bankruptcy in November, was arrested in the Bahamas last month and subsequently extradited to the United States. The SBF could face up to 115 years in prison.
SBF was also released last month on $250 million bail and placed under house arrest at his family’s California home.
John Ray, the current CEO of FTX, claimed in a statement to the US Financial Services Committee that the exchange had lost $8 billion in client funds.
A spokesperson for the SBF declined to comment on the defence.
SBF’s innocence comes after Caroline Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, pleaded guilty to federal charges.
The SBF has the opportunity to change its plea of not guilty in the coming period.