Bankman-Fried Drops Request for New Trial Due to Fairness Concerns

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has officially withdrawn his motion for a retrial, citing doubts about the fairness of the trial process. Bankman-Fried, who is currently serving a 25-year prison sentence for his role in FTX's 2022 collapse, had initially filed the motion through his mother, Barbara Fried, who claimed that new evidence had come to light that would warrant a retrial. However, Bankman-Fried has since decided to retract the motion, stating that he may refile after the outcome of his direct appeal and a related request for reassignment have been determined. The motion for a new trial was largely drafted by Bankman-Fried himself while in detention, with some input from his lawyers and family members. 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 before the U.S. Court of Appeals for the Second Circuit. During recent oral arguments, Bankman-Fried's attorney, Alexandra Shapiro, argued that the original trial was fundamentally unfair, citing restrictions on the evidence that Bankman-Fried was allowed to present to the jury.