Sam Bankman-Fried pleads not guilty in FTX case

Crypto exchange founder accused of using deposits to support hedge fund, buy real estate and make political contributions

Fallen crypto billionaire Sam Bankman-Fried entered a plea of not guilty on Tuesday to criminal charges that he cheated investors and looted billions of dollars at his now bankrupt FTX cryptocurrency exchange.

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions, in what prosecutors have called a fraud of epic proportions.