• Sam Bankman-Fried, founder of FTX, pleaded not guilty to all criminal charges related to the collapse of FTX.
• Barry Silbert, CEO of Digital Currency Group, has been accused of ‘stalling’ over frozen funds.
• This week’s Crypto Biz dissects the latest on SBF, DCG and Core Scientific.
On January 3rd, 2021, Sam Bankman-Fried, founder of the now-bankrupt cryptocurrency exchange FTX, made his first appearance in federal court. He entered a plea of not guilty to all criminal charges related to the collapse of FTX, setting the stage for a four-week trial starting on October 2, 2023. SBF is facing eight counts of criminal charges, and if convicted could face up to 115 years in prison.
The charges stem from the alleged role that SBF played in defrauding investors and money laundering. His two top lieutenants, Caroline Ellison and Gary Wang, have already entered guilty pleas and agreed to cooperate with the Southern District of New York in order to investigate FTX and Bankman-Fried.
Meanwhile, Digital Currency Group (DCG) and its CEO Barry Silbert have come under fire for alleged “stalling tactics” over frozen funds. The company is the largest venture capital firm in the cryptocurrency industry and its portfolio companies include Core Scientific, a mining and data storage provider.
This week’s Crypto Biz will be closely examining the latest developments in the SBF saga as well as any potential fallout from the DCG/Core Scientific situation. SBF’s trial is scheduled to begin in October of 2023 and its outcome will no doubt have far-reaching implications for the entire cryptocurrency industry. In addition, DCG and Core Scientific will be closely watched as their story continues to unfold. As the crypto world awaits the outcome of these events, all eyes are on SBF, DCG, and Core Scientific.