Founder of FTX Withdraws Request for New Trial Due to Fairness Concerns

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has rescinded his motion for a new trial, citing concerns that he would not receive a fair hearing. Currently serving a 25-year prison sentence for his role in the 2022 collapse of FTX, Bankman-Fried was convicted on seven counts of fraud and conspiracy. He has indicated that he may refile the motion after the outcome of his direct appeal and a related request for the case to be reassigned are determined. The initial motion for a retrial was submitted by Bankman-Fried's mother, Barbara Fried, who claimed that newly discovered evidence warranted a retrial. Bankman-Fried drafted the motion himself while in detention at the Metropolitan Detention Center in Brooklyn, with limited assistance from his lawyers and family members. He has clarified that although he sought input from his lawyers and parents, the motion was largely his own work. Bankman-Fried's appeal is currently pending before the U.S. Court of Appeals for the Second Circuit, where his attorney, Alexandra Shapiro, argued during oral arguments in November that the original trial was fundamentally unfair, citing restrictions on the evidence Bankman-Fried could present to the jury.