Terrill Dicki
Apr 29, 2026 00:29
Sam Bankman-Fried’s movement for a brand new trial was denied by Choose Kaplan, citing baseless claims. The previous FTX CEO is serving a 25-year sentence.
A Manhattan federal decide has denied Sam Bankman-Fried’s movement for a brand new trial, calling the request baseless and an obvious technique to salvage his status. Bankman-Fried, the disgraced co-founder of collapsed crypto alternate FTX, is at present serving a 25-year jail sentence for fraud and cash laundering prices.
Choose Lewis Kaplan, who presided over Bankman-Fried’s unique trial in late 2023, issued the ruling on April 28, 2026. He dismissed claims of newly found proof involving three former FTX executives—Ryan Salame, Daniel Chapsky, and Nishad Singh—stating that the protection already knew about these witnesses earlier than the trial. Kaplan additional criticized the movement as “wildly conspiratorial” and unsupported by the file.
The request for a brand new trial had been uncommon from the beginning. Bankman-Fried filed it in February 2026 with out consulting his authorized crew, whilst his enchantment in opposition to his conviction and sentence remained pending. He later tried to withdraw the movement after accusing Choose Kaplan of bias, a request the decide additionally denied.
Bankman-Fried’s authorized troubles stem from the November 2022 collapse of FTX, as soon as one of many largest cryptocurrency exchanges. The platform crumbled after revelations that billions of {dollars} in buyer funds have been secretly transferred to Alameda Analysis, a buying and selling agency additionally based by Bankman-Fried. The ensuing liquidity disaster triggered a run on withdrawals that FTX couldn’t fulfill, resulting in its chapter and the lack of billions in person deposits.
In November 2023, a jury convicted Bankman-Fried on all seven prices in opposition to him, together with wire fraud and conspiracy to commit securities fraud. He was sentenced the next March to 25 years in jail and ordered to forfeit $11 billion. Efforts to recuperate belongings for FTX collectors stay ongoing, with a U.S. court docket ruling in August 2024 that the alternate should pay $12.7 billion to compensate prospects and victims.
The FTT token, as soon as the cornerstone of FTX’s ecosystem, has turn out to be a shadow of its former self. As of April 29, 2026, FTT is buying and selling at simply $0.29, a far cry from its peak above $80 in 2021. The token’s market cap now stands at $95.5 million, reflecting its diminished standing and the broader fallout from FTX’s collapse.
Bankman-Fried’s failed movement for a brand new trial is unlikely to change his trajectory, but it surely underscores the lingering controversies surrounding his case. FTX’s implosion stays a cautionary story for the crypto trade, highlighting the dangers of opaque monetary practices and poor company governance.
For collectors and former customers, the main target now shifts to ongoing chapter proceedings. Any restoration of funds relies on the liquidation of remaining FTX belongings, together with the potential sale of the property’s FTT holdings, although their worth provides restricted reduction at present costs.
Picture supply: Shutterstock
