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The founder of FTX, Sam Bankman-Fried (SBF), has been in court since November 2022 following the criminal charges against him by the US government after the company’s collapse.

According to the US Department of Justice (DOJ), Samuel Bankman-Fried is being charged with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research. It further states that he “ is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.  The case has been assigned to U.S. District Judge Lewis A. Kaplan”

Billions of dollars were lost after the collapse of FTX, however, SBF claimed not guilty of all charges against him. He said they were “baseless charges”. His lawyers have been putting in the work, spending hours trying to figure a way out for him out of the charges against him, and at the moment they want several charges dropped based on technicalities.

There are 13 charges against SBF, but SBF wants 10 of them dropped, including charges of bribery, wire fraud, conspiracy to commit wire fraud, conspiracy to commit bank fraud, and running an unlicensed money transmitter. 

The prosecuting team has two weeks to respond to the motion filed by SBF’s lawyer. The motion to dismiss the charges put forth by his legal team leverages his voluntary extradition to the United States

The next hearing has been set to take place on June 15, 2023. The plaintiffs and the defendants have two weeks to get ready for the next hearing. We will learn more about the case then.

Currently, the 31-year-old is under house arrest in his parents’ house in Palo Alto, California- LA where his internet and gaming activities have been restricted.

The trial for this case will take place in October of this year.

In conclusion, Bankman-Fried maintains his innocence, vehemently denying all charges and labeling them as baseless. His legal team has been diligently working to find avenues for his defense, seeking the dismissal of several charges based on technicalities. They have filed a motion leveraging his voluntary extradition to the United States as part of their strategy.

Do you think that he will get to walk free or with a lighter sentence as opposed to the 100+ years if found guilty of all charges?