Sam Bankman-Fried Drops Retrial Bid, Citing Fairness Concerns

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has formally withdrawn his motion for a retrial, expressing doubts about receiving a fair hearing.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 reconsider his motion after the outcome of his direct appeal and a related request for the case to be reassigned. The initial motion for a new trial was submitted by his mother, Barbara Fried, citing newly discovered evidence that could warrant a retrial. Bankman-Fried, who drafted the motion while in detention at the Metropolitan Detention Center in Brooklyn with limited assistance, stated that he may revive the motion after the appeal and reassignment requests are decided. He clarified that although he authored the letter to the judge, he consulted with his lawyers and family members, incorporating some of their suggestions into the motion. A Rule 33 motion, which is a formal request for a new trial based on new evidence or in the interest of justice, is currently pending. The appeal is ongoing in 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, including restrictions on the evidence Bankman-Fried could present to the jury.