Sam Bankman-Fried, co-founder of FTX, pleaded not guilty to US criminal fraud charges over the spectacular collapse of his crypto exchange.

A 30-year-old former digital currency billionaire, who is out on bail, pleaded guilty in federal court in Manhattan before Judge Lewis Kaplan.

FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business valued at $32 billion at one point.

Bankman-Fried is charged with conspiracy, wire fraud, money laundering, and election finance violations by the United States

FTX and Alameda Research customers claim he cheated them and misused their funds.

On all eight counts against him, Bankman-Fried pleaded not guilty – five of which carry a maximum prison sentence of 20 years.

The trial is tentatively scheduled to begin on October 2.

With its founding in 2019, FTX has become a leading player in the crypto-currency market.