Sam Bankman-Fried Drops Retrial Request, Citing Unfair Trial Concerns

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has formally withdrawn his motion for a retrial, citing concerns that he would not receive a fair trial. Bankman-Fried, currently serving a 25-year prison sentence for seven counts of fraud and conspiracy related to FTX's collapse in 2022, indicated that he may refile the motion after the outcome of his direct appeal and a related request for reassignment are determined. The initial motion for a new trial was submitted by his mother, Barbara Fried, who claimed that newly discovered evidence warranted a retrial. Bankman-Fried, who drafted the motion himself while in detention at the Metropolitan Detention Center in Brooklyn, stated that he may renew the motion after the appeal and reassignment requests are decided. Although he received limited assistance, Bankman-Fried did consult with his lawyers and family members, incorporating some of their suggestions into the motion. A Rule 33 motion, which is a formal request for a new trial based on new evidence or in the interest of justice, is currently pending. The appeal is now 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 due to limitations on the evidence Bankman-Fried could present to the jury.