FTX’s Samuel Bankman-Fried appeals to overturn fraud conviction, filing says he was presumed guilty
- FTX’s Samuel Bankman-Fried’s lawyers argue that the executive never got a fair trial and was presumed guilty before being charged.
- An appeal was filed Friday, requesting that the case be tried under a new judge.
- Lawyers argue that the bankrupt exchange faced a liquidity crisis, and Bankman-Fried had the funds to pay back customers.
FTX exchange’s founder and former CEO Samuel Bankman-Fried was found guilty of fraud, conspiracy and money-laundering and sentenced to 25 years in prison.
Bankman-Fried’s lawyers filed an appeal on September 13, requesting a new judge rule on the case since the former executive was presumed guilty and charged without a “fair trial.”
SBF presumed guilty by media before trial, lawyers seek to overturn fraud conviction
SBF, founder of the collapsed crypto exchange that is currently bankrupt, seeks to overturn the sentence he received for his role in the collapse of the two firms. Bankman-Fried’s lawyers said that SBF was presumed guilty prior to being charged.
Lawyers argue in the 102-page appeal that the former FTX CEO did not face a solvency crisis, he faced a liquidity crisis and had the customer funds.
Judge Lewis A. Kaplan of Federal District Court in Manhattan had sentenced Mr. Bankman-Fried to 25 years in prison and lawyers argue that the judge “presumed” Bankman-Fried is guilty, therefore SBF should be allowed a fair trial and a new judge.
SBF is serving time in prison for the money laundering and conspiracy charges, at the time of the appeal.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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