Federal prosecutors on Friday announced that Sam Bankman-Fried, the disgraced founder of the now-bankrupt FTX cryptocurrency exchange, would not face a second trial.
In a letter filed in federal court, the prosecutors said it was in the public interest to have a swift resolution of their case against the 31-year-old dubbed the King of Crypto, as “much of the evidence that would be offered in a second trial was already offered in the first trial and can be considered by the Court at the defendant’s March 2024 sentencing.”
“Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial,” the prosecutors added.
The decision came after SBF was found guilty in November on two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, according to the Department of Justice.
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history,” Damian Williams, U.S. attorney for the Southern District of New York, said after the verdicts were read. “While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time. This case has always been about lying, cheating, and stealing, and we have no patience for it.”
According to BBC, SBF faced six charges distinct from his first trial, including “campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money transmitting business.”
Critics were livid over the decision.
“So we won’t know which politicians he bribed or who’s campaigns he influenced? That collective sigh of relief you are hearing is from the DEEP STATE,” wrote Rep. Tim Burchett (R-TN) on X.
“Sam Bankman-Fried was likely the largest single donor to Democrat candidates and pacs in the 2022 cycle,” said Will Scharf, GOP candidate for Missouri Attorney General. “With the thorough politicization of DOJ by the Biden Admin, it is impossible not to question whether political considerations stopped this case from being brought to trial.”
Conservative commentator John Cardillo argued the decision is about protecting donors.
“Sam Bankman-Fried will not face second trial,” he wrote on X. “DOJ is protecting his Dem donation recipients.”
“Campaign finance charges on Sam Bankman-Fried of FTX have been dropped, in addition to six other charges. This is unusual,” commented financial data account Unusual Whales. “He gave millions to politicians. Who exactly? Nearly everyone.”
The account added: “It is estimated that least $40 million was donated to politicians by FTX. Many of them have not given the funds back.”
It is estimated that least $40 million was donated to politicians by FTX.
— unusual_whales (@unusual_whales) December 31, 2023
Many of them have not given the funds back.
To see the full list, check https://t.co/uK8CTsKWrb
CryptoLaw founder John Deaton also blasted the decision.
“The DOJ has shown again, that it is NOT an independent agency,” Deaton said on X. “Who is the Attorney General protecting?
Turning Point USA founder Charlie Kirk, meanwhile, said the public is “witnessing DC corruption in realtime.”
“The SBF case became too high-profile for the DOJ to completely ignore, but they made sure laundering $100 million of customers’ money to Schumer, Biden, and McConnell and other dark money groups would never blow back on the ‘elite.’ Trump faces 700 years in federal prison, but America’s uniparty cabal just gave themselves a get out of jail free card. You’re witnessing DC corruption in realtime,” Kirk wrote on X.
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