Bankman-Fried Drops Retrial Bid, Citing Unfair Trial Concerns

Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX, has rescinded his request for a new trial due to concerns that he would not receive a fair hearing. In a letter to the presiding judge, Bankman-Fried expressed his intention to potentially refile the motion after the outcome of his direct appeal and a related request for reassignment have been determined. Currently serving a 25-year sentence for fraud and conspiracy convictions related to FTX's collapse in 2022, Bankman-Fried had initially filed the motion for a new trial through his mother, Barbara Fried, citing the emergence of new evidence. Although Bankman-Fried drafted the motion himself while in detention, he did consult with his lawyers and family members, who provided editorial suggestions and assisted with printing the document. The appeal is presently before the U.S. Court of Appeals for the Second Circuit, where his attorney, Alexandra Shapiro, argued that the original trial was marred by unfair limitations on the evidence Bankman-Fried could present to the jury.