US Drops Plans of Second Trial for Disgraced FTX Founder SBF
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.
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.
US Prosecutors Said Additional Charges Ain’t Essential
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.
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.
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 notes:
“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”.
SBF, And His FTX Fraud
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Tom Lee’s BitMine Adds $820M Worth of Ethereum as ETH Rebounds
- Crypto Crime Hits $2.47 Billion in H1 2025, With Wallet Hacks on the Rise
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
