FTX founder and former CEO, Sam Bankman-Fried, has requested that a judge drop the charges against him, claiming that they are a “rush to judgment” by prosecutors.
Bankman-Fried’s lawyers filed a document with a federal court in Manhattan, stating that the charges against him were initially a civil issue that was turned into a criminal one because of haste.
The lawyers claim that traditional civil and regulatory processes should have been allowed to run their course.
Bankman-Fried faces a total of 12 charges, including fraud, the bribing of Chinese officials, and making illegal political donations.
If convicted, he could face more than 100 years in prison. The FTX founder has already pleaded not guilty to defrauding customers.
The charges stem from the collapse of the FTX exchange in 2022, which the lawyers claim was due to the market crash. Bankman-Fried has paid $250 million in bail and is currently awaiting trial.
In the meantime, the Japanese unit of FTX has reopened, and customers can withdraw their funds. FTX has also sold the LedgerX platform for $50 million to Miami International Holdings to help repay customers.
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
Related posts
FTX exchange offloads Solana at big discount, raising $1.9B amid creditor repayment efforts
FTX exchange plans $884M stake sale in AI startup Anthropic to repay creditors
