On January 3, 2023, it was reported to the public that former FTX founder and CEO, Sam Bankman-Fried pled not guilty to leading a cryptocurrency scam that led to billions of dollars lost towards the end of 2022. After pleading not guilty, the presiding judge set a trial date for sometime in October in New York Federal Court. The defendant pleads not guilty to all eight conspiracy and fraud charges, and denies that the money he got through his scam was used to pay for expensive real estate and campaign donations.

After being extradited from the Bahamas. Judge Kaplan has set a trial date for October 2, 2022, and Bankman-Fried will remain under house arrest at his parents home in California until that date.

It was also released that the former billionaire faces numerous other charges such as civil actions from the Commodity Futures Trading Commission and United States Securities and Exchange Commission.

Manhattan United States Attorney Damian Williams had this to say about the case, "The Southern District of New York is working around the clock to respond to the implosion of FTX," he said. "It is an all-hands-on-deck moment. We are launching the SDNY FTX Task Force to ensure that this urgent work continues, powered by all of SDNY's resources and expertise, until justice is done."

Williams and Chief Counsel to the United States Attorney, Andrea Griswold, also informed the public that there has been an "FTX Task Force" created to specifically handle the current case as they continue to investigate.

Bankman-Fried is represented by Mark S. Cohen and Christian R. Everdell of Cohen & Gresser LLP.

The government is represented by Danielle Sassoon, Nicolas Roos, Andrew Rohrbach, Samuel Raymond and Thane Rehn of the U.S. Attorney's Office for the Southern District of New York.

Wang is represented by Ilan T. Graff and Alex B. Miller of Fried Frank Harris Shriver & Jacobson LLP.

Ellison is represented by Anjan Sahni, Peter G. Neiman, Stephanie Avakian and Nick Werle of WilmerHale.

The case is U.S. v. Bankman-Fried et al., case number 1:22-cr-00673, and is in the U.S. District Court for the Southern District of New York.