Reportedly the FTX crypto fraud prosecutors are planning not to conduct a second trial against Sam Bankman-Fried (SBF), as no new evidence came to light over the fraud charges against him.
Sam Bankman-Fried (SBF) is co-founder & former CEO of now-bankrupt crypto exchange FTX. SBF misused FTX customers’ funds for personal benefits e.g. expensive gifts for friends & relatives, personal airjet planes, political donations, etc. Currently, SBF is in jail and soon he will go to jail for a long term for the fraud he committed with customers with the help of FTX platform.
In the first court trial in the FTX crypto fraud, SBF was found guilty of the 7 fraud charges.
Now in a recent court filing, the prosecutors asserted the urgency to solve this case as soon as possible because the FTX creditors are eagerly waiting for their money, which was lost with FTX exchange bankruptcy.
Prosecutors’ statement through the filing noted that the majority of the charges against SBF have already been presented in the court and there is only very little room for substantial additions or alterations in a potential second trial, so better to retire the second trial against him.
Legal experts already confirmed that SBF will face a penalty of up to 110 years of imprisonment under the charges in which he was found guilty.
This decision in the FTX crypto fraud is great news for all those FTX customers who lost their money on the FTX platform in Nov 2022 because it will surely reduce some significant amount of time to complete the bankruptcy phase.
Earlier this already many legal experts compared the FTX bankruptcy situation with Mt.Gox, a crypto exchange which went bankrupt in 2013 & just a week ago started giving funds back to customers.
According to experts, the FTX bankruptcy case will not be solved easily because its services were available in multiple countries and such things will create a type of conflict among the regulatory bodies of those corresponding jurisdictions.
Read also: Indonesia cracking down illegal Bitcoin mining operations
Infamous crypto entrepreneur SBF will not face a second court trial
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