Cryptocurrency NewsSam Bankman-Fried, FTX founder, faces dual criminal trials

Sam Bankman-Fried, FTX founder, faces dual criminal trials

FTX co-founder Sam Bankman-Fried, who is currently under criminal investigation, is now facing the prospect of two separate trials due to the division of charges against him. The allegations against the former CEO primarily revolve around his alleged mismanagement of the crypto exchange.

A total of 13 charges have been filed against Bankman-Fried, encompassing offenses such as fraud, fraud conspiracy, and bribery. Originally, a single trial was scheduled to commence on October 2, addressing all the charges collectively.

However, a recent ruling from United States District Court Judge Lewis Kaplan on June 15 has resulted in the separation of five of the charges. These charges will now form the basis of a second trial, set to take place on March 11, 2024.

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The charge split comes as DOJ prosecutors requested a waiver from Bahamian authorities to try Bankman-Fried on the five additional charges they imposed after his extradition from the country.

Lawyers for the FTX co-founder attempted to dismiss those charges saying he could not be tried on charges made after the extradition.


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