FTX Founder Sam Bankman-Fried Won't Face Second Criminal Trial, U.S. Prosecutors Say

The lawyers said much of the evidence they planned to introduce in the second trial was already introduced in the first case and can be considered in the sentencing planned for March 2024.

AccessTimeIconDec 30, 2023 at 12:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

FTX Founder Sam Bankman-Fried will not face a second criminal trial, federal prosecutors said Friday in a letter filed in New York federal court.

In the letter, prosecutors suggested a second trial would "delay" a "timely and just resolution of the case." The government's lawyers also argued that their original case against Bankman-Fried had already provided ample evidence that the former executive committed a rash of financial crimes during his tenure at FTX, making a second trial largely unnecessary, according to the filing.

"Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial," prosecutors said in the letter to Judge Lewis Kaplan, who presided over Bankman-Fried's first criminal trial last fall.

The letter puts an end to speculation that Bankman-Fried could be tried on additional criminal charges. Earlier this year, law enforcement in the Bahamas, where Bankman-Fried's companies were based, and the U.S. tussled over which country's prosecutors had the right to try the erstwhile FTX CEO.

In November, a jury found Bankman-Fried guilty of seven counts of wire fraud, securities fraud and money laundering, among other charges. His crimes, which came to light in 2022, resulted in the loss of billions of dollars worth of FTX and Alameda Research investors' funds, deepening a crypto market downturn that had begun earlier that year.

Bankman-Fried will be sentenced in March 2024. He faces a maximum prison sentence of more than 100 years.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Elizabeth Napolitano

Elizabeth Napolitano was a news reporter at CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.