Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, is trying to get a new trial after being found guilty of fraud and conspiracy last November. He’s currently serving a 25-year prison sentence.
A Case of Bias?
Bankman-Fried’s lawyers argue that the judge, Lewis Kaplan, was biased against him and didn’t give him a fair trial. They say Kaplan was too quick to side with the prosecution and rushed the jury towards a guilty verdict without giving them enough time to carefully consider the evidence. They also claim that Kaplan’s behavior towards Bankman-Fried and his lawyers created a prejudiced atmosphere in the courtroom.
New Evidence?
Bankman-Fried’s legal team also claims that new evidence has emerged since the trial that suggests FTX wasn’t actually insolvent when it collapsed. They say this evidence wasn’t properly considered during the trial, leading to an unfair conviction based on a “false narrative” that painted Bankman-Fried as a thief.
The Aftermath of FTX’s Collapse
The collapse of FTX in late 2022 sent shockwaves through the crypto market, leading to a massive loss of customer funds. Prosecutors accused Bankman-Fried of stealing billions of dollars from customer accounts to fund lavish political donations and personal spending. After a month-long trial, the jury found him guilty on multiple charges, including fraud and money laundering.
The fallout from FTX’s bankruptcy is still being felt today, with ongoing court battles and regulatory scrutiny impacting the entire cryptocurrency scene.
A Long Road Ahead
Bankman-Fried’s lawyers are arguing that the original trial was flawed and are pushing for a new trial with a different judge. However, overturning a federal conviction is extremely difficult, with less than 10% of appeals being successful.
