US Prosecutors Opt Against Second Trial for Convicted FTX Founder, Sam Bankman-Fried

Prosecutors in the United States have decided against pursuing a second trial for Sam Bankman-Fried, the co-founder of the now-bankrupt FTX cryptocurrency exchange.

Bankman-Fried was convicted on all seven counts he faced in November, with accusations of embezzling $8 billion from FTX customers, leading to the exchange’s collapse.

In a letter filed in federal court in Manhattan, prosecutors cited the strong public interest in a swift resolution of the case and the forthcoming March 2024 sentencing, which is expected to include orders of forfeiture and restitution for victims. The verdict followed FTX’s bankruptcy filing nearly a year ago, resulting in a significant financial downturn for Bankman-Fried.