FTX co-founder Sam Bankman-Fried pleaded not guilty on Tuesday to criminal charges that he cheated investors in his now-bankrupt cryptocurrency exchange and caused billions of dollars in losses, Reuters reports.

Bankman-Fried entered his plea in Manhattan federal court where he faces eight criminal counts, including wire fraud and money laundering conspiracy. The 30-year-old ex-mogul is accused of looting FTX customers' deposits to support his Alameda Research hedge fund, buy real estate and donate millions of dollars to political causes.