2024

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<p>Sam Bankman-Fried, the co-founder of FTX and former prominent figure in the cryptocurrency realm, will not undergo a second trial on additional charges.</p>
<p>Prosecutors informed US District Judge Lewis Kaplan that, for the sake of expediency, they would abandon plans to try Bankman-Fried on charges including conspiracy to bribe foreign officials, commit bank fraud, and operate an unlicensed money transmitting business. The 31-year-old entrepreneur was recently convicted of seven counts of fraud and conspiracy, potentially facing decades in prison as a result.</p>
<h3 id="us-prosecutors-said-additional-charges-ain-t-essential">US Prosecutors Said Additional Charges Ain’t Essential</h3>
<p>In a recent development, prosecutors have revealed that the Bahamas, the country that extradited Sam Bankman-Fried to face initial charges in the United States, has not yet given its consent for the U.S. to proceed with trying him on additional charges.</p>
<p>This consent is mandated by treaty obligations. However, Bankman-Fried, the former CEO of FTX, initiated a legal challenge in the Bahamas earlier this year, leading the U.S. authorities to bifurcate the case.</p>
<p>The government highlighted that a significant portion of the evidence slated for a second trial had already been presented during Bankman-Fried’s original trial. As a result, the judge can consider this evidence during the sentencing phase scheduled for March 28. The letter also <a href="https://www.bnnbloomberg.ca/us-drops-plan-for-second-bankman-fried-trial-on-other-charges-1.2016446" target="_blank" rel="noopener noreferrer nofollow">notes</a>:</p>
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 <p>“Proceeding with sentencing in March 2024 without the delay that would be caused by a second trial would advance the public’s interest in a timely and just resolution of the case”.</p>
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<h3 id="sbf-and-his-ftx-fraud">SBF, And His FTX Fraud</h3>
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            <p>In a significant legal development, prosecutors have alleged that Sam Bankman-Fried, the co-founder of FTX, directed the transfer of customer funds from FTX into Alameda Research, an affiliated hedge fund. These funds were purportedly utilized for high-risk investments, political donations, and lavish real estate ventures. The alleged actions occurred prior to the bankruptcy of both FTX and Alameda Research last year.</p>
            <p>The recent verdict represents a major triumph for Manhattan U.S. Attorney Damian Williams and stands as one of the most prominent criminal prosecutions within the cryptocurrency industry. The outcome marks a notable <a href="https://coingape.com/sbf-trial-sam-bankman-fried-defends-8-billion-spending-as-risk-management/" target="_blank" rel="noopener noreferrer nofollow">downfall for Bankman-Fried</a>, given that as recently as early 2022, FTX held a valuation of $32 billion.</p>
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<p>The post <a href="https://coingape.com/us-drops-plans-of-second-trial-for-disgraced-ftx-founder-sbf/" rel="noopener noreferrer nofollow">US Drops Plans of Second Trial for Disgraced FTX Founder SBF</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

US Drops Plans of Second Trial for Disgraced FTX Founder SBF

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