Sam Bankman‑Fried, the co-founder and former chief government of collapsed cryptocurrency trade FTX, has filed a request for a brand new trial in New York on Tuesday, arguing that contemporary witness testimony may undermine the federal government’s case in opposition to him.
Bid To Revive FTX Trial
As reported by Bloomberg, the movement, dated February 5 and entered into the docket on Tuesday in Manhattan federal courtroom, was submitted professional se, which means Bankman‑Fried is performing on his personal behalf somewhat than by authorized counsel.
Within the submitting, Bankman‑Fried contends that testimony from new witnesses may problem key elements of the prosecution’s narrative and probably forged doubt on the decision. He argues that this proof was not beforehand introduced and will materially have an effect on the end result of the case.
The movement doesn’t substitute his ongoing attraction however represents an extra try to reopen the proceedings. The request follows feedback Bankman‑Fried made earlier on Tuesday on social media by which he once more disputed the legitimacy of FTX’s chapter.
Bankman‑Fried Denies Insolvency Points
From jail, he has more and more superior the argument that the corporate’s collapse was pushed by authorized and monetary maneuvering somewhat than prison wrongdoing.
He claimed that FTX was not bancrupt and mentioned he by no means licensed a chapter submitting, alleging as an alternative that legal professionals assumed management of the corporate and rapidly initiated chapter proceedings for their very own monetary profit.
Bankman‑Fried was convicted on all seven counts he confronted, together with fraud, conspiracy, and cash laundering, within the case United States v. Bankman‑Fried.
On March 28, 2024, the courtroom sentenced him to 25 years in federal jail and ordered him to forfeit roughly $11 billion, reflecting the dimensions of losses tied to the collapse of FTX.
Featured picture from OpenArt, chart from TradingView.com
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