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Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has formally withdrawn his motion for a retrial, expressing doubts about receiving a fair hearing.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 term 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 the emergence of new evidence that could warrant a retrial. Bankman-Fried, who drafted the motion himself while in detention at the Metropolitan Detention Center in Brooklyn, stated that he sought input from his lawyers and family members, including editorial suggestions, but maintained that he was the primary author. He also shared earlier drafts with a New York attorney who was initially hired to represent him in the motion. The appeal is presently before the U.S. Court of Appeals for the Second Circuit, where his lawyer, Alexandra Shapiro, argued during November's oral arguments that the trial was inherently unfair, highlighting restrictions on the evidence Bankman-Fried could present to the jury.