SBF Court Update: Denies Criminal Charges, Trial to Begin in October

As predicted by previous speculations, FTX founder SBF pleaded not guilty to multiple criminal charges in court on January 3 and is scheduled to stand trial in October. Legal experts commented that this move is to buy more time.

Denies Charges, Extends Trial Time

Bloomberg reported that legal experts view this move as unsurprising, as denying criminal charges could buy SBF more time to understand the unfavorable evidence held by prosecutors.

Establishes New Task Force: Asset Recovery

On Tuesday, U.S. prosecutors formed a task force to handle investigations and prosecutions related to the collapse of FTX. The team comprises members from the Securities and Commodities Fraud, Corruption, Money Laundering, and Transnational Crime Investigation departments, utilizing online investigations to trace and recover assets for victims.

Prosecutors Investigate Suspicious Trades Last Week: Concerned About Obtaining More Assets

Regarding the trading activities involving SBF-related wallets last week, prosecutor Danielle Sasso stated there is currently no evidence linking SBF to them, but they are under investigation. She also expressed concerns about obtaining more assets. Despite SBF denying these transfer activities on December 30, prosecutors believe he has lied in a similar manner before.

None of these are me. I'm not and couldn't be moving any of those funds; I don't have access to them anymore.https://t.co/5Gkin30Ny5

— SBF (@SBF_FTX) December 30, 2022

Commentary: Charges May Not All Stick

Experts suggest the truth will only be revealed during the trial. Lawyer Andrew Jennings mentioned that despite substantial evidence, litigation carries risks, and the government may opt for efficiency over prolonging trial costs, potentially reaching a settlement. In such a scenario, prosecutors might be willing to compromise on sentencing recommendations.