Sam Bankman-Fried Drops Request for New Trial, Citing Fairness Concerns

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has formally withdrawn his motion for a retrial, expressing concerns that he may not receive a fair hearing. Currently serving a 25-year prison sentence for multiple counts of fraud and conspiracy related to FTX's collapse in 2022, Bankman-Fried indicated that he might refile the motion after the outcome of his direct appeal and a related request for reassignment have been determined. The initial motion for a new trial was submitted by his mother, Barbara Fried, citing the emergence of new evidence that could warrant a retrial. Bankman-Fried revealed that he personally drafted the motion while in detention at the Metropolitan Detention Center in Brooklyn, albeit with limited assistance. He clarified that although he authored the letter to the judge, he did consult with his lawyers and family members, incorporating some of their suggestions into the final draft. A Rule 33 motion, which is a formal request for a new trial based on newly discovered evidence or in the interest of justice, was at the heart of Bankman-Fried's action. His appeal is presently under review by the U.S. Court of Appeals for the Second Circuit, where his attorney, Alexandra Shapiro, argued during November's oral arguments that the original trial was fundamentally unfair, particularly due to restrictions on the evidence Bankman-Fried could present to the jury.