FTX scammer SBF pleads not guilty to fraud

SBF may be sent to jail for more than 100 years for his fraud where he lost more than 8 billion dollars of customers in the FTX scam.

New Delhi, Jan 4: Bernie Madoff of cryptocurrencies, the biggest fraud in the history of cryptocurrencies, Sam Bankman-Fried of FTX scam has pleaded 'not guilty' to fraud that he committed. Noteworthy point is that he himself admitted that he was wrong and sought apology from the users. However, now the scammer is screaming he is not guilty of fraud.

Needless to say there are reports that claim that SBF may be sent to jail for more than 100 years for his fraud where he lost more than 8 billion dollars of customers in the FTX scam. His bankrupt crypto exchange FTX is involved in the biggest crypto scam. He himself is accused of criminal charges that include cheating investors and causing billions of dollars in losses.

Involvement in the biggest crypto scam

It's not that the crypto world has not seen huge scams in a very short span of history; however, the FTX scam is the biggest by far. Nonetheless, Sam Bankman-Fried's crypto empire was nothing but a Ponzi scheme that had to collapse sooner or later. Needless to say, SBF found several sham companies like Alameda that swindled customers' funds in FTX.

Interestingly, in the latest hearing SBF has pleaded not guilty to criminal charges that he cheated investors. However, since two of his former top associates' former Alameda chief executive Caroline Ellison and former FTX chief technology officer Gary Wang have already pleaded guilty, it would be difficult for SBF.

Caroline and Wang have been cooperating with prosecutors and may testify at trial; however, this is equally true that FTX was not just SBF's manifestation. He was not alone in the scam of this scale. In fact, he had received direct assistance from his partners.

Massive funding to Democratic Party and Joe Biden

SBF's funding of Democratic Party and its candidates have been in the news all the past year, especially after the arrest. Even Elon Musk tweeted that SBF may have paid more than a billion dollars to Joe Biden's party. To not look biased or one-sided his organization also paid paltry donations to the Republican Party.

Nonetheless, SBF has been portraying himself as a victim; however, the customers who have lost their valuable investment in the dubious company are in no mood to pardon him. In fact, he and his organization was one of the biggest donors in US politics where nearly $70 million were paid to fund election campaigns in less than 18 months.