The majority of the criminal accusations Sam Bankman-Fried is facing in relation to the demise of FTX, the cryptocurrency exchange he founded, were asked to be dismissed on Monday.
Bankman-Fried filed a motion to dismiss 10 of the 13 accusations against him, including fraud, conspiracy, and international bribery.
The two-page application made mention of affidavits from two of Bankman-Fried’s lawyers outlining the main arguments for why he thinks the charges ought to be dropped. According to the motion, at least some of the charges did not adequately allege an offence.
In December 2022, in the Bahamas, where FTX had its headquarters, Bankman-Fried was taken into custody. Since being returned to the United States upon his extradition, he has been restricted to his parents’ Palo Alto, California, home.
He has entered a not guilty plea to the allegations made in the indictments brought in Manhattan, where federal prosecutors said he stole billions of dollars from FTX before it filed for bankruptcy. The money, according to the prosecution, was used to pay for losses at his hedge fund, Alameda Research, as well as to acquire opulent real estate and give to political campaigns.
Before his arrest, in an interview, Bankman-Fried said he was ultimately to blame for the failure of both businesses, but he denied knowing that there was any improper use of customer funds.
The end of the month is the deadline for the prosecution to respond to Bankman-Fried’s motion to dismiss.
