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Sam Bankman-Fried: New trial against scandalous FTX collapse!
Sam Bankman-Fried calls for a new trial in the FTX fraud case. Hearing on November 4, 2023 to vacate his conviction.
Sam Bankman-Fried: New trial against scandalous FTX collapse!
Sam Bankman-Fried (SBF), the former CEO of FTX, will appear today, November 4, 2023, before the 2nd U.S. Circuit Court of Appeals appear and argue that he was denied a fair trial. His defense aims to overturn the conviction for fraud related to the crypto exchange FTX. SBF was found guilty of seven counts of fraud and conspiracy in November 2023.
The defense claims the trial judge blocked crucial evidence that convincingly demonstrated that FTX had enough assets to cover customer withdrawals. SBF itself denies any intentional fraud and attributes the collapse of its platform to mismanagement and market panic. He emphasizes that FTX was not insolvent at the time of its declaration of bankruptcy, which he stated in a 15-page document titled "FTX: Where Did The Money Go?" explained in detail.
Defense arguments
In its document, SBF states that FTX had billions in cryptocurrencies as well as significant holdings in companies such as Anthropic, Robinhood and SpaceX. He also criticizes the law firm Sullivan & Cromwell and current CEO John Ray III, who he says took control of FTX against his wishes, putting legal fees ahead of the interests of customers.
His legal team said after the conviction that SBF was "never believed to be innocent" and the trial was therefore unfair. These arguments form the basis for the appeal being heard in court today.
Criticism and challenges
The magnitude of the FTX collapse is considered one of the largest in cryptocurrency history. Damning statements from former executives, particularly Caroline Ellison and Gary Wang, have significantly strengthened the case against SBF.
Given the situation, it is reported that SBF is considering a possible pardon from US President Donald Trump. He is currently serving a 25-year prison sentence, and it remains uncertain whether his appeal can shorten his expected release in 2044. Today's hearing could be crucial to Bankman-Fried's future legal action.
Overall, Sam Bankman-Fried's future remains uncertain as he fights for justice in one of the most high-profile fraud cases in recent memory.