Skip to main content

FTX Founder Sam Bankman‑Fried Pushes For New Trial In New York

Sam Bankman‑Fried, the co-founder and former chief executive of collapsed cryptocurrency exchange FTX, has filed a request for a new trial in New York on Tuesday, arguing that fresh witness testimony could undermine the government’s case against him. 

Bid To Revive FTX Trial

As reported by Bloomberg, the motion, dated February 5 and entered into the docket on Tuesday in Manhattan federal court, was submitted pro se, meaning Bankman‑Fried is acting on his own behalf rather than through legal counsel. 

In the filing, Bankman‑Fried contends that testimony from new witnesses could challenge key aspects of the prosecution’s narrative and potentially cast doubt on the verdict. He argues that this evidence was not previously presented and could materially affect the outcome of the case. 

The motion does not replace his ongoing appeal but represents an additional attempt to reopen the proceedings. The request follows comments Bankman‑Fried made earlier on Tuesday on social media in which he again disputed the legitimacy of FTX’s bankruptcy. 

Bankman‑Fried Denies Insolvency Issues

From prison, he has increasingly advanced the argument that the company’s collapse was driven by legal and financial maneuvering rather than criminal wrongdoing. 

He claimed that FTX was not insolvent and said he never authorized a bankruptcy filing, alleging instead that lawyers assumed control of the company and quickly initiated bankruptcy proceedings for their own financial benefit.

Bankman‑Fried was convicted on all seven counts he faced, including fraud, conspiracy, and money laundering, in the case United States v. Bankman‑Fried. 

On March 28, 2024, the court sentenced him to 25 years in federal prison and ordered him to forfeit approximately $11 billion, reflecting the scale of losses tied to the collapse of FTX.

FTX

Featured image from OpenArt, chart from TradingView.com 



from Bitcoinist.com https://ift.tt/dYQXg6M
Labels:

Comments

Post a Comment

Popular posts from this blog

Dogecoin Sees 47% Spike In Active Addresses, Why Price Could Follow Suit

Dogecoin has witnessed a massive spike in its active addresses , providing a bullish outlook for the foremost meme coin. Based on this development, the DOGE price could also witness a bullish reversal soon enough as it reclaims key support levels.  Dogecoin Records 47% Spike In Active Addresses In an X post , crypto analyst Ali Martinez stated that Dogecoin’s network activity is picking up. This came as he revealed that active addresses have jumped 47% in the past month, rising from 110,000 to 163,000. This development is bullish as it indicates more users are using the network.  This could help spark a significant rally in the Dogecoin price, as a surge in active addresses indicates that DOGE’s utility is on the rise. Another onchain metric which paints a bullish picture for the meme coin and hints at a reversal is the increase in new addresses. In another X post, Martinez revealed that Dogecoin’s new addresses have doubled in the past month, climbing from 16,400 to 34,6...
Post a Comment
Read more

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bank of Russia Proposes Limited Crypto Trading for Select Investors

The Bank of Russia has put forward a new proposal that could mark a significant shift in the country’s approach to cryptocurrency regulation. Earlier today, the central bank announced that it has submitted a proposal to the Russian government to discuss allowing a limited group of investors to buy and sell cryptocurrencies such as Bitcoin. The proposal suggests implementing a three-year experimental regime where only qualified investors with at least $1.1 million in securities and deposits would be permitted to engage in crypto trading. This move is part of ongoing efforts to define Russia’s digital currency policies, which have historically shifted between strict regulations and cautious acceptance. Despite considering this controlled legalization for select investors, the Bank of Russia maintains its stance against using cryptocurrency as a payment method. The institution has also recommended introducing penalties for those who violate the terms of the experimental regime, rein...
Post a Comment
Read more