Inside the Fierce Legal Battle: Why US Prosecutors Are Fighting to Block Sam Bankman-Fried’s Retrial Request
Ever wondered if the fall of a crypto empire could be rerun like a never-ending Netflix drama? Well, Sam Bankman-Fried’s bid for a new trial is stirring the courtroom pot again, but prosecutors are waving their legal fists, insisting the former FTX mogul hasn’t quite cracked the code for a retrial. They’re calling out his so-called “new witnesses” as nothing more than familiar faces dusted off from last year’s show — hardly the plot twist that would upend the narrative. With a 25-year sentence looming and presidential pardon whispers swirling like a storm, this legal saga raises the question: can a crypto kingpin really rewrite the script of his downfall, or is this just another act in an exhausting saga? Dive into the intricacies of this ongoing courtroom tussle and find out what’s really at play. LEARN MORE.
Bloomberg reported Thursday that US prosecutors urged a federal judge to reject Sam Bankman-Fried’s request for a new criminal trial, arguing that the former FTX chief failed to meet the legal standard for a retrial.
According to the report citing court documents, prosecutors said Bankman-Fried’s claim that new witnesses could undermine the government’s case does not meet the legal standard required to grant a retrial.
Prosecutors reportedly argued that testimony cited by Bankman-Fried from former FTX executives Ryan Salame and Daniel Chapsky did not amount to newly discovered evidence because both men were known to the defense before the 2023 trial.
The prosecutors’ response marks the latest procedural step in Bankman-Fried’s effort to overturn his conviction tied to the collapse of FTX, the crypto exchange whose failure triggered one of the industry’s biggest scandals.
Related: SBF seeks new FTX fraud trial, citing new witness testimony
Court has yet to rule on retrial request
Bankman-Fried filed the motion for a new trial in February, arguing that testimony from former executives could challenge the prosecution’s account of FTX’s financial condition before its collapse.
The defense argued that testimony from Salame and Chapsky could weaken the government’s narrative presented to jurors during the trial. Judge Kaplan later ordered prosecutors to respond to the motion by March 11.
The judge has not yet ruled on whether the motion will proceed. Bankman-Fried separately continues to appeal his conviction in the US Court of Appeals for the Second Circuit.
Related: Hollywood star-turned-skeptic releases trailer for anti-crypto doc
A jury convicted Bankman-Fried in November 2023 on seven counts of fraud and conspiracy related to the misuse of customer funds at FTX and its sister trading firm, Alameda Research. He was later sentenced to 25 years in prison.
Pardon speculation runs alongside court challenges
Bankman-Fried’s court efforts have unfolded alongside public speculation that he may be seeking a presidential pardon.
On Feb. 1, the former FTX CEO praised US President Donald Trump’s crypto stance in social media posts, adding to scrutiny over whether he was trying to build political support while pursuing legal relief.
That speculation has so far gone nowhere publicly. On Jan. 9, Trump reportedly told The New York Times he had no intention of pardoning Bankman-Fried, leaving an appeal and retrial motion as his main avenues for overturning his conviction.
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