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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The post FTX Founder SBF Requests a New Trial! appeared first on Coin Engineer.

Who is Brett Harrison?

Brett Harrison became President of FTX US in May 2021. During his tenure at FTX US, he established the company’s regulated business operations and opened its headquarters in Chicago. In 2022, he led the launch of the company’s US retail stock brokerage and trading platform.

What Will the AX Platform Look Like?

Architect Financial Technologies has received approval from the Bermuda Monetary Authority for this initiative. The project is expected to launch under the name “AX.” The known features of the platform so far include:

• Acceptance of Real Money
• USD Stablecoins
• Margin Trading
• 24/7 Trading Availability
• Stocks
• FX Trading

This will bring the perpetual futures model, popular in crypto markets, to traditional assets.

You might also find this article interesting: Robert Kiyosaki: Bitcoin Could Reach $200,000 in 2025!

Regarding the platform, Brett Harrison stated: “AX will operate 24/7. Traders will be able to use USD stablecoins or fiat currencies as collateral. Initially, the platform will focus on stocks and forex. Gradually, it will expand to interest rates, commodities, and other asset classes. In the future, we may even explore AI-powered assets for perpetual contracts. AX aims to be a bridge not only for professional investors but also for entrepreneurs and tech communities.”

The project’s core slogan is: “The margin trading dynamics of crypto should also be possible in traditional markets.”

For the latest crypto news, click here

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A Crypto Crash Beyond Ordinary Liquidations

According to Sun, the latest market meltdown was far from a typical liquidation wave. In previous downturns, the total amount of liquidations usually ranged between $1–2 billion, but this time, the volume reportedly surged to ten times higher. He noted that several altcoins lost over 60% of their value within a few hours.

Sun emphasized that the event cannot be explained merely as a leverage wipeout. Instead, he believes major market makers deliberately pulled liquidity, triggering a deep and rapid price vacuum that led to the massive sell-off.

Liquidity Withdrawal Created a Market Void

Sun described the recent crash as even more severe than the sharp declines seen on March 12 and May 19 in previous cycles. “This round of leverage cleansing is the most extensive we’ve seen so far. The market bubble has fully deflated, and risk leverage has dropped to zero,” he stated.

He also suggested that U.S. stock markets could exhibit parallel movements, reacting to the same macro and liquidity pressures affecting crypto.

Long-Term Outlook Remains Positive

Despite the short-term chaos, Sun maintained an optimistic long-term view. He predicted a potential market recovery in the fourth quarter of 2025, as liquidity conditions and investor sentiment gradually improve.

The analyst concluded that while recent volatility has increased risk across the market, it may also present new opportunities for investors who remain patient and cautious.

This article does not constitute financial advice.

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The post Crypto Market Crash! Chinese Analyst Warns: “This Was Not Normal” appeared first on Coin Engineer.

US Customers Almost Fully Compensated

US customers receiving payments through the FTX US platform will get 40% of their claims in this round. Combined with previous payouts, the total repayment rate reaches 95%. This shows that users in the US have nearly fully recovered their losses.

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International users on FTX.com will receive an additional 6% distribution in this round. This brings the total repayment rate for global creditors to 78%. Payments will be made through BitGo, Kraken, and Payoneer. Claimants must have previously completed identity verification and tax forms.

Payouts May Return to Crypto

Some creditors will receive part of their cash payments in stablecoins. This makes it easier for them to reinvest in the crypto market. However, some affected users exit the crypto market entirely after their losses.

FTX bankruptcy management blocked crypto distributions, so creditors took cash payments instead. Had they received crypto, they could have earned significant profits on tokens like Solana. For example, SOL, in which FTX heavily invested, traded between 10–20 dollars during the bankruptcy period; today, it trades above 200 dollars.

FTX Bankruptcy Had a Deep Impact on the Crypto Market

FTX shook the crypto market with its major bankruptcy in November 2022, and Bitcoin’s price fell below 15,000 dollars in December 2022. Today’s payout round represents a critical step in compensating affected investors for their losses.

The post FTX Launches Third 1.6 Billion Dollar Payout Round appeared first on Coin Engineer.

A New Step for Security in the Binance-BBVA Collaboration

This partnership comes at a time when Binance is facing increasing regulatory pressure worldwide. Following the collapse of FTX in 2022, crypto exchanges have been seeking new ways to provide investors with greater assurances regarding fund security.

Past Legal Challenges

In February 2024, U.S. authorities fined Binance more than $4.3 billion for violating federal anti-money laundering and sanctions laws. The company’s founder and former CEO, Changpeng Zhao, was also sentenced to four months in prison.

Potential Impact on the Crypto Ecosystem

The Binance-BBVA collaboration could strengthen trust in bitcoin and other altcoin markets by offering investors the ability to store assets safely outside of exchanges. Such partnerships may help the crypto industry move toward a more transparent and sustainable structure in the long term.

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How Will the FTX Refund Process Work?

The FTX Recovery Trust, which is overseeing FTX’s bankruptcy process, has divided creditors into different classes and set payment rates:

• Class 5A (International Customers): They will receive 72% of their claims.
• Class 5B (U.S. Customers): They will receive 54% of their claims.
• Class 6 (Unsecured Creditors): They will receive 61% of their claims.
• Class 7 (Creditors under $50,000): They will receive 120% of their claims.

These payment rates vary depending on the status of the creditors’ claims and their classification.

This article will also catch your attention: Old Bitcoin Wallets Are Moving! How Will the Market Be Affected?

Which Institutions Will Be the Distribution Service Providers?

Creditors will be able to choose either BitGo or Kraken to receive their payments. Both platforms offer stablecoin and fiat withdrawals:

• BitGo: Offers services such as digital asset and stablecoin purchases, USD withdrawals via ACH (US only) or bank transfers, and transfers of digital assets to personal wallets.
• Kraken: Offers services such as digital asset and stablecoin purchases, fiat withdrawals via SWIFT, SEPA, FedWire and ACH, and transfers of digital assets to personal wallets.

Details such as transaction fees and minimum withdrawal amounts on both platforms may vary depending on the user’s choice.

How Will This Distribution Affect the Market?

This $5 billion stablecoin distribution by FTX could lead to a significant increase in liquidity in the cryptocurrency market. Analysts state that there is a high probability that creditors will reinvest the funds they receive into crypto assets. This situation may trigger price increases, especially in Bitcoin and altcoins.
It is predicted that Bitcoin in particular may reach new heights with this new liquidity flow. This development, which occurred after the bankruptcy process of FTX, creates a positive atmosphere in the cryptocurrency market.

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The post FTX Begins Its 2nd Largest Distribution | $5 Billion appeared first on Coin Engineer.

Significant events are unfolding this week in the crypto and economic world. A new stablecoin bill is on the agenda in the US, and a major Bitcoin conference is being held in Las Vegas. Additionally, critical economic data and company reports are drawing investor attention.

• US stock markets will be closed on Monday, May 27, due to Memorial Day.
• On the same day, the US Senate will hold a highly anticipated vote. The GENIUS Act, known as the Federal Stablecoin Act, will be put to vote. The bill aims to regulate digital dollar-based stablecoins at the federal level. However, ethical controversies continue due to Donald Trump’s crypto investments.
• A new project from Binance Launchpool, $HUMA, will be listed.

• On Tuesday, the Bitcoin 2025 Conference begins in Las Vegas. Many high-level officials, including US Vice President JD Vance, will speak at the event. The conference may host new announcements focused on both regulation and technology.

Critical Data and Company Developments

• On Wednesday, LayerZero will introduce its OneSig product. This solution aims to increase cross-chain transaction security. On the same day, MultiversX will launch the “Andromeda” update, expected to improve performance and transaction speed.
• Additionally, the FOMC meeting minutes will be released Wednesday. These minutes carry important signals about the future of interest rate policy and will directly impact markets. After the US market closes, Nvidia will release its earnings report, with particular investor focus on revenue from the AI segment.

On Thursday, the US Q1 GDP data will be announced. Expectations are around -0.3%. This data may raise recession concerns.

On Friday, the Annual Core PCE data will be released. This data plays a key role in measuring the Fed’s inflation target.

FTX will begin its second-round payments in the bankruptcy process, with a total distribution expected to reach $5 billion.

Tokens to Be Unlocked

• $BIO: 340 million tokens, ~$28M, May 28

• $OP: 32.21 million tokens, ~$24M, May 31

• $ALT: 240 million tokens, ~$7.5M, May 31

• $BONK: 504 billion tokens, ~$10M, June 1

• $SUI: 44 million tokens, ~$154M, June 1

An increase in supply may cause prices to drop. Investors holding positions in these projects should carefully evaluate their decisions. Given the potential market impact of these unlocks, investors may need to make quick decisions during this period. However, avoiding panic selling or excessive buying due to emotional reactions is crucial for long-term success.

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The post Crypto Weekly Highlights: Key Data and Events to Watch appeared first on Coin Engineer.

The filing referenced the conviction of Sam Bankman-Fried (SBF) on seven counts of fraud and conspiracy, stating that, “The plaintiffs are ignoring the fact that FTX fell apart due to one of the largest corporate frauds in recent history.”

Binance Pushes Back Against FTX’s Accusations

According to FTX’s claims, a 2021 share repurchase agreement with Binance was funded by misused customer assets, which allegedly allowed Binance to walk away with billions in crypto. However, Binance firmly denied these allegations, noting that FTX continued to operate for 16 months after the deal, and that there is no reasonable basis to believe the company was insolvent at the time.

CZ’s Tweet and the FTT Fallout

A key point of contention in FTX’s lawsuit is a tweet by former Binance CEO Changpeng Zhao (CZ) on November 6, 2022, which announced the liquidation of the company’s FTT holdings — a move FTX claims escalated panic and accelerated its downfall. In response, Binance argued that the decision was driven by already public concerns, particularly a November 2 report highlighting issues in Alameda Research’s balance sheet.

The filing also defended CZ’s remark about trying to minimize market impact, asserting that no credible evidence was provided to suggest any malicious intent behind the announcement.

Jurisdiction Dispute and Strong Words

Binance further noted that the entities involved are not based in the United States, challenging the jurisdiction of the court in this matter.

In a scathing critique, Binance’s legal team described the complaint as “a collection of speculative claims” based largely on hindsight narratives from a convicted fraudster. As a result, Binance has requested a full dismissal of all charges. As of now, FTX has not issued an official response.

FTX Set to Distribute Another $5 Billion to Creditors

In a parallel development, FTX’s restructuring plan is moving forward, with a second round of repayments scheduled to begin on May 30. According to a May 15 notice, disbursements will be made via BitGo and Kraken, targeting a new group of approved creditors.

Five designated creditor classes, categorized as “convenience classes,” are expected to receive between 54% and 120% of their approved claims. In total, FTX may repay as much as $16 billion, depending on the final volume of validated claims.

These updates mark significant progress in both the legal battle between crypto giants and the long-awaited compensation process for affected users.

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The post Binance Requests Dismissal of FTX’s $1.76 Billion Refund Claim appeared first on Coin Engineer.

Second Wave of Repayments Underway

Not all FTX users will receive funds in this round. According to the exchange’s reorganization plan, five distinct “convenience classes” will receive between 54% and 120% of their eligible claims. If all claims are valid, total repayments could reach $16 billion.

Controversy Over Valuation Dates

FTX made its first batch of repayments on February 18, totaling about $1.2 billion. However, many users have criticized the repayment calculations, which are based on crypto prices at the time of bankruptcy. Since then, Bitcoin has surged more than 400%, from $20,000 to over $100,000.

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Still, the plan suggests 98% of creditors will receive at least 118% of their claim value in cash.

Legal Chapter Nears Conclusion

The repayments come as legal proceedings around Sam Bankman-Fried and his associates reach their end. SBF received 25 years in prison, while other executives including Caroline Ellison, Ryan Salame, Nishad Singh, and Gary Wang were also sentenced. Salame’s wife, Michelle Bond, faces separate charges.

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The application layer represents the level at which developers build decentralized applications on Ethereum’s core architecture and make fundamental decisions about how those applications operate.

On April 12, Buterin responded on the social media platform Warpcast to a comment suggesting that Ethereum needs a new generation of developers committed to its core values. Buterin offered a different perspective:

“Applications are 80% purpose-driven. What kinds of applications you build depends on your ideas about what Ethereum and Ethereum-based applications should mean for the world. That’s why it’s crucial to have strong ideas on this matter,”

General-Purpose Technologies and the Influence of Ideology

Using the example of the programming language C++, Buterin explained that general-purpose tools may not be heavily affected by the ideologies of their creators.

“If C++ had been developed by a totalitarian, racist, and fascist, that wouldn’t necessarily make it a worse language,” said Buterin, emphasizing that infrastructure layers are relatively less influenced in this regard.

However, he also noted that Ethereum’s Layer 1 is not entirely neutral. He pointed out that choices such as transitioning to Proof-of-Stake (PoS) and supporting light clients were driven by philosophical decisions.“Someone who doesn’t believe in decentralization wouldn’t build light clients or advanced account abstraction. Someone who doesn’t care about energy waste wouldn’t spend years transitioning to PoS,” he said, adding that Ethereum could still be considered roughly 50% general-purpose. “Someone who doesn’t believe in decentralization wouldn’t build light clients or advanced account abstraction. Someone who doesn’t care about energy waste wouldn’t spend years transitioning to PoS,” he said, adding that Ethereum could still be considered roughly 50% general-purpose.

The Social Philosophy of Applications: Good and Bad Examples

Vitalik Buterin argues that applications should be evaluated not only for their technical structures but also for the value systems behind them. According to him, some applications are designed with user protection and social benefit in mind, while others are driven solely by profit and may lead to harmful outcomes.

He cited Railgun, Farcaster, Polymarket, and Signal as examples of applications with a strong social philosophy, stating that these are developed with the principle of “doing the right thing by default in the background.” In particular, Buterin highlighted Signal and Farcaster as platforms that uphold values like user privacy, security, and decentralization, noting that these principles align with the Ethereum ecosystem’s broader mission. While acknowledging that these applications are not without flaws, he emphasized that their core philosophies reflect a strong sense of social responsibility.

In contrast, Buterin criticized platforms like Pump.fun, Terra and its native token LUNA, and the bankrupt crypto exchange FTX. He described these as platforms developed without a solid social vision, exposing users to risk and prioritizing speculative, short-term profits. Such applications, he argued, stand in stark contrast to the values Ethereum aims to represent.

In conclusion, Buterin’s message is clear: what an application does is directly shaped by the beliefs of its developers. This suggests that Ethereum’s future will be shaped not only by technical innovations but also by philosophical and ethical stances.

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