FTX Founder Withdraws Request for New Trial Due to Fairness Concerns

The founder of the now-defunct cryptocurrency exchange FTX, Sam Bankman-Fried, has formally withdrawn his motion for a retrial, citing his uncertainty about receiving a fair trial. Bankman-Fried, who was found guilty on seven counts of fraud and conspiracy related to the collapse of FTX in 2022 and is currently serving a 25-year prison sentence, has indicated that he may refile the motion after the outcome of his direct appeal and a related request for reassignment have been determined. The motion for a new trial was initially filed by Bankman-Fried's mother, Barbara Fried, who claimed that newly discovered evidence warranted a retrial. Bankman-Fried, who is being held at the Metropolitan Detention Center in Brooklyn, revealed that he had largely drafted the motion himself, albeit with limited assistance. While he did seek input from his lawyers and family members, he maintained that he was the primary author of the letter to the judge. The 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 trial was fundamentally unfair, citing restrictions on the evidence Bankman-Fried could present to the jury.