With FTX debacle, 'the crypto bubble has now imploded' -CIO
STORY: Federal prosecutors in Manhattan have accused Bankman-Fried of stealing billions of dollars in FTX customer funds to plug losses at his hedge fund, Alameda Research.
Bankman-Fried was not asked to enter a plea in his first court appearance in the U.S. on Thursday. He has previously acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability. His defense lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court.
He was released on a $250 million bond package on Thursday.
