Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday.
Federal prosecutors have dropped the campaign finance violation charge against FTX founder Sam Bankman-Fried, after The Bahamas told the United States that it never planned to extradite SBF on campaign finance violations - which the DOJ now says would violate 'its treaty obligations to The Bahamas.'
Federal prosecutors in New York said they would drop several criminal charges, at least for now, against disgraced crypto executive Sam Bankman-Fried if the judge agrees to try him later on those charges.
FTX founder Sam Bankman-Fried was arrested by Bahamian authorities Monday evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the cryptocurrency exchange’s collapse.
House Financial Services Committee Chair Maxine Waters told the panel’s Democrats she doesn’t plan to subpoena former FTX CEO Sam Bankman-Fried to testify at a Dec. 13 hearing about the crypto exchange’s rapid demise, according to people with direct knowledge of the conversation.
Sam Bankman-Fried, the embattled co-founder of bankrupt crypto exchange FTX, has retained New York defense attorney Mark Cohen to represent him, according to Bankman-Fried’s spokesperson Mark Botnick.
