Sam Bankman-Fried is again within the highlight as new exercise surrounding his high-profile case sparks renewed dialogue within the crypto neighborhood. Current developments have reignited the talk over its position in one of many largest monetary scandals in crypto historical past.
Name to overturn conviction
In response to a report from ReutersLegal professionals for Sam Bankman-Fried, the founding father of the collapsed cryptocurrency trade FTX, will urge the federal appeals court docket on November 4 to overturn his conviction.
In 2023, a federal jury in Manhattan discovered Bankman-Fried responsible of seven felony costs, concluding that he stole roughly $8 billion from FTX clients. Though SBF admitted to creating errors in working FTX, he has denied stealing clients’ cash.
His legal professionals will argue earlier than the 2nd US Circuit Court docket of Appeals that SBF didn’t obtain a good trial. They declare the decide improperly blocked proof that might have supported Bankman-Fried’s perception that FTX nonetheless had sufficient cash to cowl buyer withdrawals.
Nonetheless, prosecutors argued that the proof at trial, together with testimony from three cooperating witnesses and inner FTX paperwork, clearly proved him responsible. He was discovered responsible in November 2023 of seven counts of fraud and conspiracy.
Renewed claims of FTX solvency
Lately, an account linked to Sam Bankman-Fried shared a 14-page doc on X claiming that FTX was by no means really bankrupt. The doc states that the trade has suffered solely a brief liquidity disaster and blames FTX’s exterior legal professionals for taking management and forcing chapter. “FTX has by no means been bankrupt, even when the legal professionals declared it bankrupt.it stated.
It additionally claimed that when FTX filed for chapter in 2022, it nonetheless had ample belongings, together with billions in cryptocurrency and main investments in firms.
The urge for forgiveness
SBF’s internal circle has reached out to President Trump in hopes of acquiring a presidential pardon. This comes after he pardoned Silk Street founder Ross Ulbricht and Binance’s Changpeng Zhao. Nonetheless, Trump has not publicly commented on whether or not he’s contemplating the request.
Bankman-Fried is at present serving his 25-year jail sentence and is anticipated to be launched in 2044.
