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FTX founder’s lawyers consider delaying criminal trial

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FTX founder’s lawyers consider delaying criminal trial

Source: blockchain.news

Lawyers representing Sam Bankman-Fried, the founder of FTX, have suggested that they may need to delay his criminal trial due to a lack of evidence from the Justice Department. In a letter to U.S. District Judge Lewis Kaplan, Bankman-Fried’s lawyers said they are still waiting for a “substantial portion” of the evidence to be turned over to them and that more charges were filed against the FTX founder in late February.

The criminal trial, which is scheduled to begin on October 2, will focus on the fraud charges filed by the DOJ. Bankman-Fried’s lawyers have not formally requested a date change, but have said it may be necessary. According to the letter, Justice Department prosecutors have evidence of devices belonging to Caroline Ellison, a former CEO of FTX’s sister trading company Alameda Research, and Zixiao “Gary” Wang, a co-founder of FTX. Both Ellison and Wang have pleaded guilty to fraud charges and are cooperating with the Justice Department.

Bankman-Fried’s lawyers have said they are also waiting for content from “computers belonging to two other former FTX/Alameda employees.” They anticipate that the evidence from these devices “will be voluminous and critically important to the defense.”

The letter also noted that Bankman-Fried was indicted on new charges related to conspiracy and fraud when a vacated indictment was unsealed on February 22. The number of charges against him increased from eight to twelve. Bankman-Fried had previously pleaded not guilty to the original eight charges filed against him in December.

The delay in the delivery of evidence to Bankman-Fried’s lawyers could have important implications for the trial. If the defense does not receive the evidence it needs to prepare its case, it may be forced to request a delay. This would mean that the trial would not start as scheduled on October 2.

The criminal trial against Bankman-Fried has attracted a lot of attention in the crypto industry. FTX is one of the fastest growing crypto exchanges in the world, and Bankman-Fried is seen as a leading figure in the industry. The outcome of the trial could have implications for the regulation of the crypto industry, as well as for the future of FTX.

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