FTX crypto fraud prosecutors are reportedly planning not to pursue a second trial against Sam Bankman-Fried (SBF) as no new evidence came to light on the fraud charges against him.
Sam Bankman-Fried (SBF) is co-founder and former CEO of the now bankrupt crypto exchange FTX. SBF misused FTX customers’ money for personal benefits, for example, expensive gifts for friends and relatives, personal jet planes, political donations, etc. Currently, SBF is in prison and soon he will go to prison for a long term for the fraud that he committed with clients using the FTX platform.
In the first trial in the FTX crypto fraud, SBF was found guilty of the seven fraud charges.
In a recent lawsuit, prosecutors emphasized the urgency of resolving this case as quickly as possible as FTX’s creditors eagerly await their money lost in the FTX exchange’s bankruptcy.
The prosecutors’ statement noted that the majority of charges against SBF have already been filed in court and that there is very little room for substantive additions or changes in a potential second trial. So it is better to stop the second trial against him.
Legal experts have already confirmed that SBF will receive a prison sentence of up to 110 years on the charges he was found guilty of.
This decision in the FTX crypto fraud is great news for all those FTX customers who lost their money on the FTX platform in November 2022 as it will certainly reduce a significant amount of time to complete the bankruptcy phase.
Previously, many legal experts compared FTX’s bankruptcy situation to Mt.Gox, a crypto exchange that went bankrupt in 2013 and started returning funds to customers just a week ago.
According to experts, the FTX bankruptcy case will not be resolved easily because its services were available in multiple countries and such cases will create some kind of conflict between the supervisory authorities of those corresponding jurisdictions.
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