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

Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX, has rescinded his motion for a retrial, expressing doubts about receiving an impartial hearing. Currently serving a 25-year prison term for multiple counts of fraud and conspiracy related to FTX's collapse in 2022, Bankman-Fried indicated that he might reinitiate the motion after the outcome of his direct appeal and a related request for reassignment are determined. The initial motion for a new trial, submitted by his mother Barbara Fried, cited newly discovered evidence as grounds for a retrial. Bankman-Fried drafted the motion primarily on his own while in detention, with limited input from his lawyers and family members. He clarified that although he sought editorial suggestions from them, the ultimate motion was his own work. A Rule 33 motion, which Bankman-Fried had filed, is a formal petition to a federal court for a new trial based on newly discovered evidence or in the interest of justice. His appeal is presently pending before the U.S. Court of Appeals for the Second Circuit, where his lawyer Alexandra Shapiro argued during oral arguments that the trial was fundamentally unfair, including restrictions on the evidence Bankman-Fried could present to the jury.