FTX Founder Drops Retrial Bid, Citing Fairness Concerns

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has retracted his request for a new trial, citing concerns that he may not receive a fair hearing. In a letter to the presiding judge, Bankman-Fried expressed his intention to potentially renew the motion after the resolution of his direct appeal and a related request for reassignment. Bankman-Fried, who is currently serving a 25-year prison sentence for his role in FTX's 2022 collapse, had initially filed the motion for a new trial through his mother, Barbara Fried, who claimed that newly discovered evidence warranted a retrial. Although Bankman-Fried drafted the motion himself while in detention, he did consult with his lawyers and family members, who provided editorial suggestions and assistance with printing the document. The motion was filed under Rule 33, a federal court provision that allows for a new trial based on newly discovered evidence or in the interest of justice. 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 initial trial was fundamentally unfair due to limitations on the evidence Bankman-Fried could present to the jury.