Sam Bankman-Fried’s (SBF) legal professionals are set to argue earlier than a U.S. appeals courtroom that the FTX founder was denied a good trial.
Abstract
- Sam Bankman-Fried’s authorized staff will seem earlier than the 2nd U.S. Circuit Court docket of Appeals to argue his FTX fraud conviction ought to be overturned.
- The protection claims the trial decide blocked proof exhibiting FTX had sufficient property to cowl withdrawals, which might have modified the jury’s verdict.
- SBF maintains that FTX’s downfall was brought on by mismanagement and panic, not deliberate fraud.
Sam Bankman-Fried’s authorized staff will reportedly seem earlier than the 2nd U.S. Circuit Court docket of Appeals on Nov. 4, looking for to argue that his conviction ought to be overturned. Based on a current Reuters report, the protection claims the trial decide improperly blocked proof exhibiting FTX had sufficient property to fulfill buyer withdrawals, a key argument they are saying might have influenced the jury’s choice.
Since being discovered responsible on seven counts of fraud and conspiracy in November 2023, the now 33-year-old has continued to disclaim any wrongdoing, claiming that FTX’s collapse was the results of mismanagement and market panic somewhat than deliberate fraud.
Following his sentencing, the disgraced CEO’s authorized staff doubled that he was “by no means presumed harmless,” insisting that his trial was unfair and based mostly on a false narrative of completely misplaced buyer funds. The enchantment now comes as the previous FTX chief continues his efforts to reframe his function within the alternate’s collapse.
Inside SBF’s enchantment: Solvency, manipulation claims, and different protection ways
Simply days in the past, Bankman-Fried’s official X account posted a 15-page doc titled “FTX: The place Did The Cash Go?,” reigniting his declare that FTX was by no means bancrupt. The report argued the alternate held enough property on the time of its 2022 chapter submitting, together with billions in crypto and stakes in companies corresponding to Anthropic, Robinhood, and SpaceX.
The doc additionally repeated claims that FTX’s Chapter 11 course of was manipulated by exterior authorized counsel and that useful restoration efforts had been sidelined. SBF accused Sullivan & Cromwell and present CEO John Ray III of seizing management of the alternate towards his will and prioritizing authorized charges over buyer outcomes.
His protection seems to be leaning on these arguments to help his enchantment and search a potential overturn of his conviction. Nonetheless, the dimensions of the FTX collapse as one of many largest in crypto historical past, weighs closely towards him. On the identical time, damaging testimonies from former executives, together with Caroline Ellison and Gary Wang, have additionally bolstered the prosecution’s case, making a reversal unlikely.
In the meantime, the previous CEO can be reported to be eyeing a possible pardon from U.S. President Donald Trump, following the pardons of Silk Highway founder Ross Ulbricht in January and, extra not too long ago, Binance’s Changpeng Zhao, suggesting that he’s exploring varied pathways to freedom.
For now, SBF continues to serve his 25-year jail sentence. Whether or not his enchantment and ongoing efforts can shorten his projected 2044 launch stays to be seen.
