It appears that former CEO of the now-defunct cryptocurrency exchange FTX, Sam Bankman-Fried, may not face a second trial, according to United States prosecutors.
A recent Reuters report, dated December 29, suggests that many stakeholders are keen to see a swift resolution to the ongoing legal proceedings.
In a court filing, prosecutors emphasized the significant public interest surrounding the case, given the eager anticipation of victims seeking details about compensation for their FTX accounts, which collapsed in November 2022.
This pressing public interest, they argued, should weigh heavily in the decision-making process.
Moreover, the prosecutors noted that there is a dearth of new evidence that would warrant a second trial, as the bulk of the evidence had already been presented during the initial trial.
On November 3, a jury in the criminal trial found Bankman-Fried guilty on all seven fraud charges after just four hours of deliberation.
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The charges against him included two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy.
In a parallel development, Bankman-Fried’s request for a postponement of his sentencing hearing by four to six weeks was denied.
Judge Lewis Kaplan declined to make any changes to the established schedule, pointing out that the defense had not initially objected to the sentencing date when it was initially set.
Additionally, it was highlighted that Bankman-Fried had already received one extension for filing sentencing submissions.
As it stands, Bankman-Fried’s sentencing date remains set for March 28, 2024.
The anticipation surrounding the resolution of this high-profile case continues to captivate the cryptocurrency community and stakeholders eager for clarity and closure following the FTX exchange’s collapse.
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