Bankman-Fried | Crypto

Amid reports that the White House will not consider a presidential pardon, the convicted former FTX CEO continues his efforts in court. Lawyers representing the US government in the case against Sam “SBF” Bankman-Fried have two weeks to respond to the former FTX CEO’s motion for a new criminal trial. In a Wednesday filing in the US District Court for the Southern District of New York, Judge Lewis Kaplan said that the US government shall respond by March 11 to SBF’s motion for a new trial. The former FTX CEO, who was convicted of seven felony counts in 2023 and later sentenced to 25 years in prison, requested a new trial earlier this month, claiming that new witness testimony could help bolster his case. Bankman-Fried, once revered by many as one of the most prominent faces representing the crypto and blockchain industry, was at the center of the controversy around the collapse of FTX. He stepped down as CEO in November 2022, later facing criminal charges in the US for the misuse of user funds. Read more

Sam Bankman-Fried claimed that handing over FTX to its current CEO was the “single biggest mistake” that prevented him from saving the exchange. Sam “SBF” Bankman-Fried, the founder and former CEO of the bankrupt cryptocurrency exchange FTX, said his “biggest mistake” during the $8 billion collapse was handing control of the company to new management — a decision he claims cost him a last-minute opportunity to save the firm. Bankman-Fried, once the leader of the $32 billion FTX exchange, is currently serving a 25-year prison sentence for seven felony charges related to the collapse of FTX and Alameda Research in November 2022, which resulted in an $8.9 billion loss of investor funds. Looking back at the collapse of FTX, Bankman-Fried’s “biggest mistake” was handing over the leadership of the company to its current CEO, John J. Ray III, on Nov. 11, 2022. Read more