Sam Bankman-Fried will not face a second trial, US prosecutors decide

US prosecutors said on Friday they do not plan to proceed with a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange.

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange.(Bloomberg)

In a letter filed in federal court in Manhattan, prosecutors said the strong public interest in a prompt resolution of the case outweighed the benefits of a second trial.

Wrap up the year gone by & gear up for 2024 with HT! Click here

They said that interest “weighs particularly heavily here,” given that Bankman-Fried’s scheduled March 2024 sentencing will likely include orders of forfeiture and restitution for victims of his crimes.

It also said much of the evidence that would be offered at a second trial was already presented at the first trial.

Lawyers for Bankman-Fried did not immediately respond to requests for comment.

Jurors on Nov. 2 convicted Bankman-Fried on all seven counts he faced, after prosecutors accused him of looting $8 billion from FTX customers out of sheer greed.

The verdict came nearly one year after FTX filed for bankruptcy, in a meltdown that shook markets and erased Bankman-Fried’s once-$26 billion personal fortune.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away! – Login Now! Get Latest World News along with Latest News from India at Hindustan Times.