NEW YORK – A ‘FTX task force’ has been assembled by the Southern District of New York (SDNY) to investigate and retrieve billions of investor dollars. The task force was formed the same day FTX founder Sam Bankman-Fried pleaded not guilty to eight counts of criminal misconduct in a Manhattan court yesterday. 

U.S. Attorney for the SDNY, Damian Williams, said in a statement that “the Southern District of New York is working around the clock to respond to the implosion of FTX.” Williams also stated that the team will work to “trace and recover” billions of dollars in stolen funds due to the actions taken at FTX.

Sam Bankman-Fried remains under house arrest at his parents’ home in Palo Alto, CA. Though Mr. Bankman-Fried has denied any wrongdoing, his co-conspirators, Caroline Ellison and Gary Wang, have both pleaded guilty to fraud and conspiracy charges.