Sam Bankman-Fried, the founder of now-bankrupt cryptocurrency exchange FTX, has been denied his request to have criminal charges thrown out by a US judge. The ruling means that Bankman-Fried will proceed to trial on October 2nd. Prosecutors allege that the 31-year-old stole billions of dollars from FTX customer funds in order to cover losses at his hedge fund, Alameda Research. They also claim that he misled investors and made illegal contributions to political campaigns in his colleagues’ names. Bankman-Fried, who was once a billionaire, has pleaded not guilty. While he admits to poor risk management at FTX, he denies any theft of funds. In May, Bankman-Fried asked Judge Lewis Kaplan to dismiss 11 out of the 13 charges, arguing that they were based on an invalidated legal theory of fraud and were improperly brought without consent from the Bahamas, where he was arrested and extradited from. However, the judge ruled that the arguments were either irrelevant or lacked merit. A spokesperson for Bankman-Fried has not yet commented on the ruling.
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