Sam Bankman-Fried Drops Retrial Bid, Citing Concerns Over Fairness

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has formally withdrawn his motion for a retrial. In a letter to the presiding judge, Bankman-Fried expressed doubts about receiving a fair trial. He is currently serving a 25-year prison sentence after being found guilty on multiple counts of fraud and conspiracy related to FTX's collapse in 2022. Bankman-Fried indicated that he might refile the motion after the outcome of his direct appeal and a related request for reassignment have been determined. 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 drafted the motion himself while in detention, with minimal assistance, and consulted with his lawyers and family members, incorporating some of their suggestions into the final version. He shared earlier drafts with a New York-based attorney who was initially hired to represent him but ultimately decided to represent himself. The appeal is presently before the U.S. Court of Appeals for the Second Circuit, where his lawyer, Alexandra Shapiro, argued during oral arguments in November that the trial was fundamentally unfair due to restrictions on the evidence Bankman-Fried could present to the jury.