Sam Bankman-Fried Drops Retrial Bid, Citing Fairness Concerns

Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX, has formally withdrawn his motion for a retrial, citing doubts about receiving a fair hearing. Currently serving a 25-year sentence for fraud and conspiracy convictions related to FTX's collapse in 2022, Bankman-Fried indicated that he might revisit 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, based on claims of newly discovered evidence that could warrant a retrial. Bankman-Fried drafted the motion primarily on his own while in detention, with some input from his lawyers and family members. He clarified that although he sought editorial suggestions from them, the motion's content was largely his own work. A Rule 33 motion, which formally requests a new trial due to new evidence or in the interest of justice, was at the heart of his appeal. The case 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 original trial was fundamentally flawed, including restrictions on the evidence Bankman-Fried could present to the jury.