FTX Founder Faces No Second Trial, US Prosecutors Say

According to US prosecutors, the former head of the defunct crypto exchange FTX, Sam Bankman-Fried, will not face another trial. They claim that there is no more evidence to present and that the public interest is high for a swift resolution.

As per a Reuters report, numerous parties eagerly await a swift resolution to the trial. In a court filing, prosecutors highlight that the public interest is of significant concern, especially since victims anxiously await information about compensation for their FTX accounts after the collapse in Nov 2022.

In Nov 2022, FTX experienced a collapse following accusations against Bankman-Fried for orchestrating a fraudulent scheme that deceived investors and regulators. On Nov 3, he faced conviction on seven counts of fraud and money laundering, with the jury deciding after just four hours of deliberation.

FTX-Related Sentencing Date Remains Unchanged

Bankman-Fried had requested a delay of four to six weeks for his sentencing hearing, but Judge Lewis Kaplan denied his request. The judge said that the defense had already agreed to the sentencing date and that Bankman-Fried had received one extension.

On Mar 28, 2024, Bankman-Fried will have a hearing to decide his punishment. He might get up to 85 years in jail for his wrong actions. Besides the chance of a long time in prison, he has to give out millions of dollars to people hurt by FTX. These victims, who lost crypto funds due to the collapse, anxiously await compensation details.

In addition, the FTX scandal is a crypto fraud case involving Sam Bankman-Fried, the founder of the FTX exchange. He was accused of inflating his assets with dubious tokens, misusing customer funds, and lying to investors and regulators. He received a conviction in Nov 2023 and is facing a second trial in Mar 2024.

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