FTX founder Sam Bankman-Fried pleaded not guilty to a series of fraud charges that allege he stole billions of dollars of customer money through his now-bankrupt crypto company. Jake Thacker, who says he had about $70 thousand worth of investments in FTX before the company’s collapse, joins News NOW to share his reaction to Bankman-Fried’s not guilty plea.
Sam Bankman-Fried, former CEO of collapsed cryptocurrency exchange FTX, appeared in a Manhattan court yesterday and pleaded not guilty to charges of fraud and misappropriating customer funds worth billions of dollars.
If convicted, he could face up to 115 years in jail. His appearance followed his release on a record pre-trial bail of $250 million.
One FTX customer, Jake Thacker, spoke about the experience of realizing that his account was inaccessible, stating that initially, people thought it was just a glitch, but after a few days, it became clear that it was a serious problem.
Jake says that he had about $70,000 worth of investments in his FTX account before the collapse and has since extracted all his funds from other exchanges and is taking a break from trading. He wants to see those responsible for the collapse held accountable but is also nervous about how this will impact the regulation of crypto in the future. He is uncertain about the likelihood of recovering his lost funds.
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