WASHINGTON (AA) – Sam Bankman-Fried pleaded not guilty Tuesday to criminal charges in a New York court related to the collapse of cryptocurrency exchange, FTX, according to media reports.

The former founder and FTX CEO is facing eight charges from US prosecutors amid the sudden collapse of the company and hedge fund Alameda Research.

The charges include conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud.

Bankman-Fried arrived at court in a black SUV, wearing a black suit, according to Anadolu Agency footage.

CNBC reported that a new task force has been announced by federal prosecutors to recover victim assets as part of an ongoing investigation.

“The Southern District of New York is working around the clock to respond to the implosion of FTX,” US Attorney Damian Williams said in a statement, cited by CNBC.

Bankman-Fried, 30, was arrested Dec. 12 in The Bahamas, extradited Dec. 22 to the US and taken immediately to the District Court for the Southern District of New York.

He faces up to 115 years in prison if he is convicted on all eight charges filed by the US Justice Department.