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SBF Avoids Double Trial; FTX Claws Back Millions in Settlements

Published 01/05/2024, 06:40 PM
Updated 01/05/2024, 06:45 PM
SBF Avoids Double Trial; FTX Claws Back Millions in Settlements

  • Sam Bankman-Fried will not go through a second trial as prosecutors decide against it.

  • The sentencing of the 31-year-old crypto founder is set for March this year.

  • FTX debtors continue to claw back funds misused by former FTX executives.

Following a decision by the Department of Justice (DoJ) prosecutors, it is certain that troubled crypto founder Sam Bankman-Fried (SBF) will not go to a second trial concerning his central role in the collapse of bankrupt crypto exchange FTX.

While a second trial was expected to happen in March this year, prosecutors handling the case decided against it. The decision drew criticism from the crypto community, especially from notable experts.

The prosecutors argue that a prompt resolution of the trial aligns with “strong public interest” and outweighs the benefits of a second trial. With that out of the way, Bankman-Fried has only the sentencing to look forward to and risks over 100 years in prison.

The trial of the disgraced founder was one of the major events in 2023. With his sentencing set for March 2024, all eyes remain fixed on the trial, especially as FTX creditors look to recover their lost assets.

…The post SBF Avoids Double Trial; FTX Claws Back Millions in Settlements appeared first on Coin Edition.

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