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Coinpaprika 2025-02-02 21:15:46

Sam Bankman-Fried Fights Fraud Conviction, Claims Trial Was Unfair

FTX founder Sam Bankman-Fried ( SBF ) is pushing to overturn his fraud conviction, claiming judicial bias and missing evidence led to an unfair trial. His lawyers argue that FTX customers did not lose money and that the court wrongly ordered him to repay $11 billion despite having already given up all his assets. In a January 31 filing, SBF’s legal team insisted that the judge influenced the outcome unfairly. They claim creditors will be repaid due to FTX’s investments, including a profitable stake in AI company Anthropic. Bankman-Fried had invested $500 million in Anthropic, which is now valued at $60 billion. His lawyers say this proves he made sound financial decisions and that FTX could have recovered. The appeal also argues that key evidence was blocked. SBF wanted to show that lawyers had approved his actions at FTX , but the court did not allow this. His legal team also criticizes Sullivan & Cromwell (S&C), FTX’s law firm, for acting against him. They claim S&C had been involved with FTX before its collapse but only labeled asset mixing as a crime after the company’s downfall. They also allege that S&C secretly contacted prosecutors, leading to SBF’s indictment. Another key argument is against the $11 billion repayment order, which his lawyers call unfair and impossible to meet. Since he has already surrendered all his assets, they argue that he cannot pay such a sum. At the same time, speculation is growing that SBF’s parents are trying to secure a presidential pardon for him. Meanwhile, FTX creditors continue to wait for their money as the bankruptcy process unfolds.