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FTX Founder Sam Bankman-Fried Fights DOJ's Legal Requests

Key Takeaways
  • Sam Bankman-Fried, ex-FTX CEO, contests government requests in his legal case, citing their lack of legal basis
  • The DOJ aimed to block expert witnesses in his trial and revoked his bail due to a document leak
  • Bankman-Fried, facing various fraud charges, will stay in jail until trials conclude in October 2023 and March 2024
05-Sep-2023 By: Sudeep Saxena
FTX Founder Sam Bank

FTX Founder Fights Prosecutors' Requests in Ongoing Legal Battle

Sam Bankman-Fried, the founder and former CEO of the now-closed cryptocurrency exchange FTX, is in the midst of a legal battle, with recent developments in his case making headlines. On September 1st, he filed a motion urging the court to reject the requests made by prosecutors, which he and his lawyer, Mark Cohen, deemed unfounded and impractical.

Cohen emphasized in a written statement that many of the issues raised by the government are currently unaddressed. He also argued that these requests lack legal support and should be dismissed. This motion comes in response to a series of petitions from the United States Department of Justice (DOJ), seeking court intervention in various aspects of the case.

The DOJ's August 28th motion, for instance, aimed to prevent all expert witnesses for Sam Bankman-Fried from testifying in court. Meanwhile, Bankman-Fried's legal team has requested temporary bail, asserting that adequate trial preparation is unattainable while he is in custody. His bail had been revoked on August 11th, following the inadvertent sharing of a confidential document from a government witness with a news outlet.

Bankman-Fried has made prior requests in court, including seeking permission to leave jail briefly to assist in his defense and requesting access to two laptops with high-speed internet and two mobile WiFi devices to gather evidence for his defense. He currently faces a dozen criminal charges, including crypto fraud, bank fraud, and wire fraud.

As per current court orders, he is slated to remain in jail until the conclusion of two trials scheduled for October 2023 and March 2024. These legal proceedings will undoubtedly continue to attract attention and scrutiny as they unfold, impacting the future of both Sam Bankman-Fried and the broader cryptocurrency community. 

Also, read -  Global Updates on Cryptocurrency and Blockchain Technology

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