In the filing submitted to federal court, the defense argues that testimony from witnesses who were not presented during the original trial could materially impact the outcome of the case. However, under U.S. federal law, motions for a new trial face a particularly high threshold and are rarely granted, making the request a legally challenging endeavor.

Defense Focuses on Previously Unheard Witnesses

At the center of the motion are potential testimonies from former FTX executives Daniel Chapsky and Ryan Salame. According to the defense, their statements could challenge the prosecution’s portrayal of FTX’s financial condition prior to its collapse. Neither individual testified during the original proceedings.

Ryan Salame previously pleaded guilty to charges related to campaign finance violations and fraud and was sentenced to seven and a half years in prison. He is currently serving that sentence. The defense contends that information from these former executives may have influenced the jury’s assessment of the company’s financial status and internal operations.

The filing also alleges that Judge Lewis Kaplan, who presided over the original trial, demonstrated “manifest prejudice” during the proceedings. As a result, the defense has requested that a different judge review the new trial motion. This argument echoes claims raised during the appeal process, including assertions that the defense was prevented from informing jurors that sufficient funds were allegedly available to repay investors.

A Multi-Front Legal Strategy

Bankman-Fried (SBF) was convicted on seven criminal counts related to the misuse of customer funds at FTX and its affiliated trading firm, Alameda Research. The case stands as one of the most significant fraud prosecutions in the history of the cryptocurrency industry.

Meanwhile, the FTX bankruptcy estate continues efforts to compensate affected customers. Throughout 2025, billions of dollars have been distributed to creditors, with additional repayments expected as asset recoveries and claims evaluations progress.

Although the outcome of the new trial request remains uncertain, the filing underscores Bankman-Fried’s continued strategy of contesting the verdict through multiple legal channels.

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What Are the Claims?

1. Sam Bankman-Fried and Bobby Adams Meeting
   According to the claim, a meeting took place between SBF and Bobby Adams prior to the FTX era. If you are wondering who Bobby Adams is, he is a player in the crypto sector. In the meeting, it was mentioned that SEC Chairman Gensler was planning to classify major cryptocurrencies, including Bitcoin and Ethereum, as “securities.” If this plan had been realized, it would have imposed a heavy burden on the crypto market. The outcome would have been a significantly broad and comprehensive authority for the SEC over the crypto market.

2. Making FTX a Leader Through a Single License
   The situation had become so intense that the push for everything to be done through FTX grew stronger every day. There was a plan in place, which aimed for FTX to legally dominate all crypto trading in the U.S. What did this plan entail? It was actually quite clear: FTX would obtain the sole brokerage license, and the ongoing institution associated with SBF would receive the exclusive exchange license. Thanks to this arrangement, virtually all legal crypto trading in the U.S. would have been conducted exclusively through FTX.

3. Was There Really a Plan to Collapse the Sector?
   According to Bobby Adams, SBF was engaged in very deep discussions with Gensler. SBF wanted the SEC to have full control over BTC and ETH in exchange for dominating the U.S. market. Before the major collapse, SBF asked Bobby Adams to support regulations that could harm the crypto market. However, Bobby Adams opposed and did not support this initiative requested by SBF.

4. Did the FTX Collapse Foil Gensler’s Plan?
   Ironically, Bobby Adams notes that the collapse of FTX ended up benefiting the crypto market, preventing the plan from being executed. According to him, if FTX had remained operational, the SEC’s aggressive control plan could have been implemented much more easily.

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Could Gary Gensler Have Done This?

The claims are indeed significant. However, considering the crypto market is a vast sector, the possibility of such an operation cannot be entirely dismissed. Looking back at Gensler’s past public statements, there are clear contradictions. For example:

• Gensler repeatedly stated that Bitcoin is not a security. In a 2018 speech, he mentioned that Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are not securities.
• Emphasizing investor protection, the SEC’s objective has always been to eliminate illegal and unregistered token projects.
• In a recent interview, Gensler stated, “The SEC has never classified BTC and ETH as securities.”

Gary Gensler’s stance contradicts all the claims made by Bobby Adams. However, these claims have not yet been officially refuted.

For the latest breaking crypto news, click here

The post Did Gary Gensler Want to Crash the Crypto Market? appeared first on Coin Engineer.

A System Reaching Critical Mass

In its April 15, 2025 report, BIS noted that crypto and DeFi have reached “critical mass” in terms of capital and users, posing growing regulatory and economic concerns.

Stablecoins, in particular, have become essential to crypto value transfers. However, the report argues they need stricter rules to guarantee dollar redemptions during market stress.

Urging Stronger Regulation

BIS supports efforts like the STABLE Act passed in the U.S. House Financial Services Committee, which aims to enhance transparency and consumer protection in the stablecoin sector.

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The GENIUS Act, also mentioned, seeks to enforce collateral requirements and Anti-Money Laundering compliance among stablecoin issuers.

Rich Get Richer?

Citing events like the 2022 FTX collapse, BIS warned that crypto often functions as a wealth transfer mechanism from small investors to large holders (“whales”).

“Retail users were buying while whales were selling — this is not financial inclusion, it’s reverse redistribution,” the report said.

Though similar in economic function to TradFi, DeFi’s unique traits — like smart contracts and modular design — require proactive, specialized regulation to avoid systemic risks.

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Cazenave emphasized that crypto currently represents only 1% of global financial assets and is not yet a major threat. However, she pointed to rapidly increasing connections, especially in the more crypto-friendly US.

Concerns include spot crypto ETFs, stablecoin usage, hacks, scams, and high-profile collapses like the $1.4B Bybit exploit and FTX’s 2022 downfall.

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To counter such risks, the EU has already rolled out the MiCA (Markets in Crypto-Assets) regulation. While Cazenave called MiCA a breakthrough, she stressed that “there is no such thing as a safe crypto-asset,” and additional regulations may be needed.

Europe Still Hesitant on Crypto

According to Cazenave, over 95% of European banks remain uninvolved in crypto-related activities. However, retail interest is increasing, with an estimated 10% to 20% of investors in Europe having some crypto exposure—reflecting broader global trends.

These warnings come amid recent double-digit drops in both crypto and stock markets, as macroeconomic uncertainties persist.

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FTX Will Pay $12.7 Billion to Creditors

The FTX bankruptcy, one of the biggest shocks the cryptocurrency world has experienced recently, deeply disappointed investors.
The sudden evaporation of billions of dollars of investment has shaken confidence in the sector and left many investors aggrieved. However, a glimmer of hope seems to have emerged in this dark picture. A US judge has approved the return of a total of $12.7 billion to creditors in line with the agreement made by FTX and its sister company Alameda Research with the commodities regulator. Although this decision is a great relief for the aggrieved investors, there are still many questions about the future of the cryptocurrency market.

How Did the FTX Crash?

FTX was founded by its founder Sam Bankman-Fried and was once one of the world’s largest cryptocurrency exchanges. However, serious problems with the company’s financial situation led to the collapse of FTX. It was alleged that Bankman-Fried and his team misused customer funds and concealed the company’s financial situation. This caused a large portion of investors to lose their money.

What Does the $12.7 Billion Refund Tell Us?

The decision made by the US judge is an important step towards resolving the grievances of some FTX creditors. However, it is not yet clear whether this amount will fully cover all creditors. In addition, details such as how long the refund process will take and how creditors will receive their money have not yet been clarified.

What Does FTX’s Refund Mean for the Market?

This decision is important for the cryptocurrency market in many ways. First of all, it is considered an important step taken to regain investors’ trust. Secondly, it creates the expectation that regulatory bodies will follow the cryptocurrency market more closely and impose stricter regulations. Finally, this incident has once again demonstrated that cryptocurrency exchanges need to pay more attention to transparency and reliability.

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A significant warning has been issued regarding a withdrawal scam targeting FTX users. Sunil, known as an advocate for the exchange’s creditors on Twitter, advised users to be cautious against such phishing scams. Sunil’s shared message emphasizes how online scammers constantly change their tactics. These emails offer a fake advantage by proposing that creditors can instantly withdraw their assets, bypassing any waiting and legal procedures.

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In summary, we advise FTX users to exercise vigilance against these types of scams. We also issue warnings to steer clear of suspicious links. It is always necessary to be cautious against fake emails. After all, this is the crypto market!

An example of a fake email:

We are excited to offer a special opportunity to the valued priority customers of FTX Trading Ltd., West Realm Shires Services Inc., and FTX EU Ltd., starting on October 20, 2023. As a priority customer, you can now avail of this opportunity. Withdraw your assets on the FTX platform and deposit them directly into your wallet, thereby avoiding any waiting period and court outcomes.

The email targets users wanting to withdraw their assets due to ongoing legal disputes with the exchange’s former CEO, Sam Bankman-Fried.

The scam emerged shortly after the announcement of the resolution of disputes over customer ownership.

Additionally, the revised plan awaiting approval from the bankruptcy court brings significant relief for FTX’s global customer base. They highlight the offer as a significant step with the goal of recovering more than 90% of the distributable value for customers.

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The most important focus point in the courtroom was the to-do list written and explained by Alameda Research’s CEO Caroline Ellison. This document highlights that FTX is pushing for stricter regulations on Binance and raises questions about whether FTX is actively trying to influence regulators against its competitors.

To provide some context, the tension between the two exchanges escalated upon Binance CEO CZ expressing interest in buying FTX, triggering a chain of events resulting in significant decline for FTX.

The emergence of a specific target of Binance’s regulatory efforts added fuel to the debate. Ellison confessed during her court testimony that she prepared seven different financial statements. She also stated that Bankman-Fried had directed her to create “alternative” financial statements with the aim of misleading lenders about the use of funds provided by FTX Derivatives Exchange.

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Caroline Ellison’s Confession

Caroline Ellison made another shocking confession during the ongoing lawsuit concerning Sam Bankman-Fried. Ellison claimed that Bankman-Fried sold Bitcoin (BTC) with the aim of manipulating the price of Bitcoin. According to her, these BTC sales were arranged to keep the Bitcoin price below the threshold of $20,000, a target actively followed by SBF. Another complexity is Ellison’s claim that the sold Bitcoins belonged to FTX’s clients. “The downfall of FTX was generally the worst week of my life,” she expressed her distress.

This case and its echoes created shockwaves throughout the digital asset industry, especially affecting FTX and Binance. It prompted regulatory authorities to intensify their investigations on Binance and take stricter supervision measures. Additionally, reports emerged suggesting that the 1 billion dollar commitment made by Binance to recover crypto assets might not be fully utilized. According to Bloomberg, Binance has only managed to distribute 30 million dollars since the announcement of the Industry Recovery Fund (IRI).

This high-profile case and its widespread impacts underline the importance of transparency and regulatory oversight in the cryptocurrency and digital asset sector. They have raised question marks about the responsibilities of major players like Binance and FTX in protecting customer assets and ensuring market integrity.

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The scrutiny that started over Bitcoin assets revealed that the number of Bitcoins in the hands of customers increased by 0.12% compared to the past month, reaching 588,000. However, the number of Bitcoins that Binance has is 4.67% more, accounting for 616,000.

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On the side of Ether (ETH), customers have 3 million 830 thousand ETH while the total amount of Ether that Binance holds is around 4 million 110 thousand. In this case, the excess rate was determined to be 7%.

Regarding BNB (Binance Coin), Binance announced that customers hold 29 million units, while the exchange itself has increased its BNB holdings to 33 million units.

There’s a remarkable situation about USDT (Tether), the most popular stable coin. They have 18% more USDT than the customer assets.

After the collapse of FTX last year, big crypto exchanges like Binance started to offer reserve proof in order to provide trust to their customers. This transparency plays a critical role in gaining the trust of the crypto community.

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FTX exchange had filed for bankruptcy after a $600 million drain on November 11, 2022. Immediately after this event,  also FTX’s general counsel, Ryne Miller, issued a warning about a malicious software attack, providing information to traders.

The crypto wallet address associated with the FTX hacker, moved $36.8 million worth of Ether in the last 24 hours while former FTX CEO Sam Bankman-Fried‘s (SBF) court hearings were ongoing. FTX’s bankruptcy filing and the subsequent $600 million fund transfer had caused a significant stir in the crypto world.

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Yesterday’s Ether transfer occurred from four addresses between September 30 and October 1, according to Spot On Chain data. Additionally a total of 10,250 ETH worth $17.1 million were transferred, indicating that the FTX exploiter had started utilizing the stolen funds.

The exploiter initially held 175,496 ETH ($294 million); however, the recent transfers reduced the portfolio to $196.014 million. The FTX hacker transferred a total of 67,500 ETH across five of their 15 wallet addresses.

The FTX exploiter directed a substantial portion of the transfers, moving 64,948 ETH ($108 million) to the THORchain router and 52 ETH ($84,000) to the Railgun contract. Furthermore, they swapped the remaining 2,500 ETH ($4.19 million) with Bitcoin (tBTC).

The arguments presented during the second day of the trial where the Department of Justice accused SBF of misleading investors on the platform, and the defense team’s efforts to explain Bankman-Fried’s role have sparked a major debate in the crypto world.

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