Sam Bankman-Fried, the co-founder of the now-bankrupt cryptocurrency exchange FTX, has filed a request for a new trial, despite already serving a 25-year prison sentence. The motion, dated February 5 and filed pro se in Manhattan federal court, argues that new witnesses can allegedly refute the prosecution’s case that he defrauded FTX’s customers. Bankman-Fried, 33, is representing himself in this matter, which is separate from his formal appeal of the 2023 conviction. FTX was a cryptocurrency exchange that allowed users to buy, sell, and trade digital assets. Alameda Research was a hedge fund affiliated with FTX.
The filing was sent to the court clerk by Bankman-Fried’s mother, Barbara Fried, a retired Stanford Law Professor. His appeal, currently under consideration by a three-judge panel, claims that rulings by the trial judge tainted the original verdict. Alexandra Shapiro, Bankman-Fried’s appellate lawyer, declined to comment on his recent request for a new trial, while Fried indicated her son’s brief “has been in the works” for an extended period, emphasising his desire to articulate it in his own words.
A jury previously found Bankman-Fried guilty on seven criminal counts, including fraud and conspiracy. Prosecutors successfully argued that he illegally transferred billions of dollars from FTX customer accounts to Alameda Research. Risky investments made by Alameda were a contributing factor in FTX’s collapse during the broader cryptocurrency downturn in 2022.
The case marks a significant downfall for Bankman-Fried, who was once a prominent figure in the cryptocurrency industry with an estimated fortune of $US26 billion.
