• Sam Bankman-Fried, the former head of digital currency exchange FTX, is asking a judge to dismiss most of the criminal charges against him.
• Bankman-Fried is currently facing 13 separate criminal charges and his lawyers are requesting that the judge dismiss 10 of them.
• FTX was one of the biggest digital currency trading platforms in the world before it collapsed into bankruptcy and fraud last November.
Sam Bankman-Fried Seeks Dismissal of Criminal Charges
Sam Bankman-Fried, former head of digital currency exchange FTX, is requesting a judge to dismiss most of the 13 criminal charges he faces. His lawyers are asking for 10 out of those 13 charges to be dismissed.
Rise and Fall of FTX
FTX rose to prominence three years ago and became one of the top five digital currency trading platforms in the world. Its founder and chief executive Sam Bankman-Fried was considered a genius by many, with his net worth reaching billions towards 2022’s end. In mid-November, SBF complained about a liquidity crunch on social media and he attempted to turn to Binance for a possible buyout – but ultimately failed due to insurmountable problems faced by FTX. The company then filed for bankruptcy and SBF resigned from his post – leading to his current legal troubles.
Bankman-Fried now faces 13 separate criminal charges which could see him face certain penalties regardless if all or some are dismissed by the judge overseeing his case. His attorneys have commented that instead of traditional civil or regulatory processes being followed “the government jumped in with both feet” seeking to make civil issues into federal crimes – implying that things may be rigged against him even though they are not making an outright request for all charges dismissed.
Sign Up & Earn Bitcoin
Earn your first Bitcoin when you sign up! You can get a bonus referral up to $3,000 when you join too! It’s easy to start earning cryptocurrency today with just a few steps!
It remains unclear how successful Sam Bankman-Fried’s plea will be as he awaits judgment from the court overseeing his case regarding dismissal requests for 10 out of 13 criminal charges he faces following the collapse into bankruptcy and fraud in November 2020of digital currency exchange FTX – which had been one of the top five trading platforms worldwide at its peak popularity earlier that year .