FTX cryptocurrency long-denying that the exchange steals from its customers Sam Bankman-FriedHe said on Monday prosecutors accused him of “disturbing” haste.
Indicted FTX Founder Sam Bankman-Fried Asks Court to Drop Charges
He asked a US judge to drop 10 of the 13 charges against him.
Bankman-Fried’s lawyers said in their filing in Manhattan federal court that bankrupt FTX was not the only cryptocurrency company to collapse during the massive market crash of 2022, and prosecutors are accusing their clients of “making hasty decisions.”
“Instead of waiting for the conventional civil and regulatory processes to follow their usual course to address the situation, the government has jumped on both feet by attempting to inappropriately turn these civil and regulatory issues into federal crimes,” his lawyers wrote.
Bankman-Fried, a 31-year-old former billionaire, capitalized on the boom in Bitcoin and other digital assets with an estimated net worth of $26 billion and had become an influential political and philanthropic donor before FTX declared bankruptcy in November.
He denied charges of fraud and conspiracy.
Federal prosecutors in Manhattan said Bankman-Fried misled FTX investors and lenders and stole billions of dollars in client funds to cover losses in Alameda, buy real estate and make political contributions through an illegal straw donor scheme.
He is also accused of bribing Chinese officials.
*Not investment advice.
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