Disgraced founder of FTX Sam Bankman-Fried has asked a New York federal judge to dismiss most of the criminal charges brought against him by federal prosecutors.
one in Admission With the Southern District of New York federal court, attorneys for Bankman-Fried argued that many of the charges against her were “dramatized” and “turned civil and regulatory issues into federal crimes.”
Bankman-Fried faces eight criminal charges, including wire fraud and conspiracy to commit bank fraud. He is facing over 100 years in prison for the crimes he has been accused of.
In the filing, the attorneys sought to dismiss charges of conspiracy to commit wire fraud on FTX customers, conspiracy to commit wire fraud on FTX customers, conspiracy to commit wire fraud on Alameda Research Lenders, and conspiracy to commit bank fraud. asked to dismiss the allegations. fraud, claiming that prosecutors “did not plead an offense for failure to allege a valid property right.”
In addition, he asked the court to quash the charges of bank fraud conspiracy, unlicensed money transmitter operation, illegal political contributions and bribery on the basis of discovery.
The charges he did not contest include conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering.
Overall, the defense team of the disgraced crypto boss is seeking dismissal of 10 of the 13 charges against him.
Lawyers argued that FTX collapsed due to the so-called “crypto winter” of 2022, when the prices of many popular cryptocurrencies fell while some others collapsed entirely.
FTX and its group of crypto companies filed for Chapter 11 bankruptcy In November last year.
Bankman-Fried was arrested later after criminal charges were formally filed against him by US prosecutors in the Bahamas.
He was eventually extradited to the US where he was later released from prison. posting a $250m bond in a New York court.
FTX considering relaunch after recovering over $7 billion in assets
is ftx succeeded According to Andy Dietreich, an attorney for the company, more than $7.3 billion in cash and liquid crypto assets was recovered, an increase of $800 million from the previous report.
“The situation has stabilized and the dumpster is on fire,” Dietderich said at a US bankruptcy court hearing in Delaware last week.
As informed ofThe effort to revive FTX has also drawn interest from Tribe Capital, a venture firm that is seeking to lead a $250 million fundraising campaign for the new platform.
At the time of this writing, FTT, the native token of FTX, is trading at $1.24, almost flat from the previous day. However, the coin is still down more than 97% from its all-time high of $84 recorded in September 2021.