Court records: SBF is expected to enter a plea before a new judge on January 3; the original judge recused herself because her husband's law firm advised FTX
he needs to enter a plea at the arraignment and that is what has been announced the plea he enters could be “not guilty”! https://twitter.com/... @tree_of_alpha : JUDGE RONNIE ABRAMS RECUSES HERSELF FROM BANKMAN-FRIED CASE BECAUSE LAW FIRM WHERE HUSBAND WORKS ADVISED FTX IN 2021 That must have been good advice he gave. @btc_jacksparrow : What's the expected timeline here? 1 week, 2 weeks? If he cooperates and his recent brain malfunction disappears and he actually starts to remember things, how long will he need to spill the beans if he has any? https://twitter.com/... @lines_down : He's going to be arraigned before Lewis Kaplan, aka the Chevron judge https://twitter.com/... Charles Gasparino / @cgasparino : On one hand I can argue he's going to jail for a long time even if he admits to wrongdoing so roll the dice w a jury; I can also argue if he admits guilt the judge will be very inclined to go easy on a first time offender https://www.reuters.com/... @givnerariel : SBF is expected to enter a plea deal on Jan 3, 2023 in Manhattan federal court. Personally - I am disappointed. The trial and the discovery obtained before trial would have shed light on many things the public now will never learn. https://www.reuters.com/... @metalawman : Reuters is reporting SBF will enter a plea next week. I am assuming that means he will plead Not Guilty. https://www.reuters.com/... Tammy Hammer / @tammhammer : Not shocked.. he'll be back to playing video games & talking in Spaces as a free man in no time🙄😏🤬 Probably will sell his story for a movie or book deal #SBF https://twitter.com/... Laura Shin / @laurashin : I guess we will find out if SBF took Shkreli's advice ... (Edited per @kadhim's tweet below) https://www.reuters.com/... https://twitter.com/...
ReutersJonathan Stempel
Context & Ripple Effects
Judge Ronnie Abrams's recusal removes a disclosed connection between her husband's law firm and FTX, allowing Sam Bankman-Fried's Manhattan arraignment to proceed before a different judge. The immediate issue is procedural, but it establishes the court handling for the fraud case arising from FTX's collapse.
Subsequent coverage shows the case quickly moved beyond the expected plea to an October 2023 trial schedule, while later bail restrictions and testimony turned the proceeding into a sustained examination of FTX's finances.
First-order effects
A new judge takes over Bankman-Fried's January 3 arraignment, while Abrams's recusal avoids having her preside over a case involving a prior FTX client relationship at her husband's firm.
Bankman-Fried must formally answer the charges at arraignment; related reporting indicated he was expected to plead not guilty to fraud charges.
Second-order effects
A not-guilty plea puts prosecutors and Bankman-Fried's defense on a litigation track that the court later formalized with an October trial date.
The reassigned court becomes responsible for bail and access conditions, a role that later included revoking Bankman-Fried's bail after witness-tampering allegations.
Third-order effects
The FTX case illustrates how conflicts tied to a bankrupt crypto company's professional network can reshape judicial assignments without interrupting a high-profile criminal prosecution.
As the proceeding advances from arraignment through bail disputes and trial testimony, accountability for FTX's collapse is determined increasingly through court-managed evidence rather than public statements by its former executive.
The trend: The FTX fallout is moving from an initial criminal charging phase into a court-led process that tests executive conduct, financial controls, and the boundaries of pretrial behavior.
If Sam enters a plea deal, and pleads GUILTY, we wonder if he will try to give up information on CZ and get his revenge in exchange for reduced time. This tweet comes to mind. The information will have to be *very* solid to move the needle. It will be electric to watch. https://t…
No jail, 30 days house arrest, 120 hours of community service, 15 more apologies, and a small fine to the government that never makes it back to FTX depositors https://twitter.com/...
Judge Ronnie Abrams steps down from the FTX trial. “It has come to the Courts attention that the law firm of Davis Polk & Wardwell LLP, at which my husband is a partner, advised FTX in 2021, as well as represented parties that may be adverse to FTX and Defendant Bankman-Fried.” h…
Seeing a lot of tweets indicating that Sam Bankman-Fried will enter a plea deal next week. There's no indication from court filings that it's true. It appears some people are misreading a Reuters story saying he is expected to enter a plea next week at his arraignment. (1/2)
On one hand I can argue he's going to jail for a long time even if he admits to wrongdoing so roll the dice w a jury; I can also argue if he admits guilt the judge will be very inclined to go easy on a first time offender https://www.reuters.com/...
SBF has his arraignment next week and it is part of that process where he will enter a plea of guilty or not guilty. So far, there's no indication from the court docket that he plans to do anything other than enter a plea of not guilty. (2/2)
Hey Siri - what's the difference between “entering a plea” vs “a plea deal”? Hint - everybody being charged enters a plea https://twitter.com/... https://twitter.com/...
This will be interesting to follow. A guilty plea means SBF's sentence be will be closer to Elizabeth Holmes (11 years) than Bernie Madoff (150 years). A not-guilty plea means an uphill battle to get out of prison before he can collect social security. https://www.reuters.com/...
hmm, I don't think it's been announced that SBF is pleading guilty his arraignment has been scheduled—he needs to enter a plea at the arraignment and that is what has been announced the plea he enters could be “not guilty”! https://twitter.com/...
JUDGE RONNIE ABRAMS RECUSES HERSELF FROM BANKMAN-FRIED CASE BECAUSE LAW FIRM WHERE HUSBAND WORKS ADVISED FTX IN 2021 That must have been good advice he gave.
What's the expected timeline here? 1 week, 2 weeks? If he cooperates and his recent brain malfunction disappears and he actually starts to remember things, how long will he need to spill the beans if he has any? https://twitter.com/...
SBF is expected to enter a plea deal on Jan 3, 2023 in Manhattan federal court. Personally - I am disappointed. The trial and the discovery obtained before trial would have shed light on many things the public now will never learn. https://www.reuters.com/...
Not shocked.. he'll be back to playing video games & talking in Spaces as a free man in no time🙄😏🤬 Probably will sell his story for a movie or book deal #SBF https://twitter.com/...
FTX used customer funds to finance two startup investments, according to the SEC. Now that cat is of the bag, as an FTX customer, I am happy to announce I'm leading an investment in Mysten Labs. Excited to partner with a16z crypto, Binance Labs, Coinbase Ventures. 🚀 https://twitt…
BREAKING: The SEC charges Sam Bankman-Fried with fraud (again). Sam and FTX diverted $200 million in customer funds to its venture fund, investing $100 million into a fintech company called “Dave”
W/ @KenzieSigalos : the $200m we identified here is just a small sliver of the $5 billion+ in venture investments that SBF and FTX made https://twitter.com/...
CNBC: The US SEC said that FTX Ventures and SBF allegedly used client funds to make two $100m investment in Dave and in Mysten Labs (Sui development team). Relevant funds may be required to be recovered. https://www.cnbc.com/...
Breaking: The only 2 disclosed $100 million investments by @FTX_Official Ventures were in @mysten_labs and fintech company @davebanking. Both were made with stolen user funds. The SEC has hinted at the clawbacks going back to users. This is a new precident.
CNBC: The US SEC said that FTX Ventures and SBF allegedly used client funds to make a $100 million investment in Dave and a $100 million investment in Mysten Labs. Cousin Dave: https://twitter.com/...