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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Clear Statement from Trump

In an interview with The New York Times, Trump clearly stated that he has no intention of pardoning former FTX CEO Sam Bankman-Fried (SBF). This announcement effectively put an end to long-standing speculation within the crypto community about a potential pardon. SBF was convicted on seven serious charges, including the misuse of customer funds and financial misconduct at FTX, and was sentenced to 25 years in prison in 2023. The conviction sent shockwaves through the crypto world, highlighting the scale of SBF’s financial scandal. Trump’s remarks have, for now, extinguished hopes of a pardon held by SBF’s family and supporters, underscoring that the legal process will be serious and long-term.

Alongside SBF, former Alameda Research CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame also received prison sentences, though for shorter durations compared to SBF. It is known that Ryan Salame has applied for a pardon.

SBF’s family continues to hope for a pardon from President Trump, arguing that most FTX customers have recovered a large portion of their lost funds and that the sentence is excessively harsh. However, SBF has not garnered broad public support, making a pardon highly unlikely. Unlike Ulbricht, Bankman-Fried lacks significant grassroots backing.

Drop in Prediction Markets

Following President Trump’s statement that he will not pardon SBF, a sharp decline was observed in crypto and financial prediction markets. Market data indicate a pullback after the possibility of a pardon faded. Analysts note that investors interpreted the news as a risk signal, increasing short-term volatility. This movement highlights the direct impact of Trump’s pardon decisions on crypto markets and investor expectations.

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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.

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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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Hopes for Leniency Dashed

Mashinsky’s defense argued for a lighter sentence — 366 days — citing his clean record, military service, and guilty plea. However, federal prosecutors pushed for a 20-year term, stating that Mashinsky targeted retail investors, not institutions. This fact ultimately led the court to impose a harsher penalty.

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Trump’s Pardon Legacy Fails to Influence Outcome

Former President Donald Trump previously pardoned high-profile crypto figures like Ross Ulbricht and BitMEX executives, raising hopes in some circles for clemency. Yet this case proved different. Despite arguments comparing him favorably to Sam Bankman-Fried, the court delivered a severe verdict.

With figures like Changpeng Zhao seeking clemency and others like Roger Ver and SBF under legal scrutiny, this ruling sets a precedent that crypto fraud, regardless of innovation or intent, will not be tolerated.

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Legal Battle Between 3AC and FTX

In a case heard in the Delaware Bankruptcy Court, Chief Judge John Dorsey rejected objections from FTX creditors. The FTX side argued that 3AC‘s claim was untimely and an attempt to delay the process. However, the court ruled that FTX‘s delayed response in providing necessary documents had caused the delay.

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3AC initially filed a $120 million claim in June 2023. Later, in November 2024, it increased this amount to $1.53 billion, alleging that FTX had engaged in unjust enrichment and failed to fulfill its obligations. According to 3AC, FTX liquidated $1.33 billion of its funds in 2022, causing significant financial damage.

Current Status of the FTX and 3AC Case

FTX objected to 3AC‘s amended claim, arguing that it was filed too late and lacked sufficient information. However, the court determined that 3AC‘s delays resulted from FTX withholding critical records, leading to the approval of the increased claim.

As the FTX bankruptcy proceedings continue, the exchange has also filed lawsuits against SkyBridge Capital, Binance, and Waves to recover lost funds. FTX is actively pursuing legal action to reclaim assets linked to former CEO Sam Bankman-Fried‘s past financial decisions.

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Emails sent to relevant users indicate that the first phase of the repayment process will cover FTX Bahamas creditors under the “convenience class”, which includes claims under $50,000.

FTX Collapse and Repayment Process

FTX filed for bankruptcy in November 2022 following a liquidity crisis, which led to CEO Sam Bankman-Fried misappropriating customer funds to cover multi-billion-dollar losses at Alameda Research, its sister company. This collapse caused significant turmoil in the crypto market, resulting in massive losses for investors.

Now, as part of the bankruptcy process, affected customers will receive approximately 119% of the cash value of their deposits from two years ago.

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However, the repayment plan is based on crypto prices from November 2022. As a result, customers who held Bitcoin (BTC) and Ethereum (ETH) at the time will receive compensation reflecting values of around $20,000 and $1,200, respectively.

Solana Investors Among the Biggest Losers

The FTX collapse has had a particularly harsh impact on Solana (SOL) investors. When FTX filed for bankruptcy, Solana was trading at just $17. Today, Solana is trading above $200, meaning that many investors have missed out on significant gains.

This has caused frustration among customers who lost their crypto holdings, as the FTX repayment plan is based on past prices rather than current market values.

How Will FTX Repayments Affect the Crypto Market?

FTX’s repayment process could have a major impact on the cryptocurrency market. Since most payments will be made in cash, some investors may reinvest these funds back into crypto. This could lead to positive momentum for major cryptocurrencies like Bitcoin, Ethereum, and Solana.

However, if large investors decide to cash out instead of reinvesting, it could create selling pressure in the market.

In the coming days, how FTX creditors choose to use these funds will be one of the key factors shaping the market’s direction!

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Speculation that FTX payments would start on the X platform and $ 16 billion in cash would lead to rises in the crypto market had caused great excitement among investors. However, the implementation of this plan is expected to be delayed until March.16 Billion Dollar Payment Rumour on 3 January

The claims that ‘$ 16 billion in payments start on FTX’, which circulated on the X platform and other social media channels over the weekend, do not reflect the facts. Although the expectation that this huge amount will be included in the market has created great excitement in the crypto community, official statements refute these claims.

According to information from FTX, the company does not have any payment schedule until March 2025. Within the scope of the ‘restructuring’ process planned to start in January, it is stated that payments can be made 60 days later at the earliest.

Sunil Kavuri, the lawyer representing FTX’s largest creditor group, also stated on his X account that payments will not start in January and that a $ 16 billion payment plan is out of the question.

The bankruptcy management had previously announced that receivables under $ 50 thousand would be paid as a priority. However, it was announced that payments would be made over FTX’s cash equivalents during the bankruptcy period instead of cryptocurrency.

As it will be remembered, Bitcoin was around $ 15 thousand and Ethereum was around $ 1200 during the bankruptcy period. This situation caused the reaction of many creditors. However, John Ray, the head of bankruptcy management, stated that the assets they have are not enough to cover the losses and that it is not possible to pay with crypto.

Sam Bankman-Fried, one of the founders and former CEO of FTX, was sentenced to 25 years in prison last March.

FTX Payment Plan Details: How Much Will Return to Crypto?

Crypto research firm K33 Research conducted a comprehensive analysis after FTX’s payment plan was approved by the court in October. The company announced that it estimates that a total of $ 1.2 billion will be paid to users with less than $ 50 thousand. However, it was stated that these payments will be spread over time.

Of the total receivable amount of $ 16 billion, $ 4 billion has been purchased by credit funds. It is predicted that most of these funds will not return to crypto.

One third of the creditors are individuals and institutions in countries subject to Western sanctions. According to K33 analysts, this approximately $ 5 billion tranche will not receive payment.

The remaining approximately $8 billion is expected to be distributed piecemeal. It is estimated that only $ 2.4 billion of this can return to crypto assets.

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The first group of FTX creditors can expect their repayments within 60 days of January 3, 2025, under certain conditions. Kraken and BitGo will assist in distributing recovery payments to users. A third undisclosed distributor will also be involved.

FTX CEO John J. Ray III urged customers to complete the necessary steps to receive distributions on time. Under the bankruptcy plan, priority will be given to “convenience classes,” which include claims of $50,000 or less.

Bankruptcy Overview

FTX filed for Chapter 11 bankruptcy protection in November 2022 following a liquidity crisis and the resignation of then-CEO Sam Bankman-Fried. The case led to indictments of several executives, including Bankman-Fried, who is currently serving a prison sentence.

In October 2023, the court approved a plan to allow FTX debtors to repay customers up to 119% of their claimed account values.

FTX’s estate has taken legal action to recover funds used for political contributions and has pursued lawsuits against firms holding assets linked to the exchange. These reclaimed funds are expected to aid in user repayments.

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According to a statement released Thursday, FTX CEO John J. Ray III noted, “This timeline reflects the experience and ongoing efforts of the professional team that has recovered billions of dollars on behalf of creditors and customers.”

FTX also stated it will finalize the arrangements for fund distribution with special distribution agents by the end of December and will soon announce a definitive date for the payouts.

Customers wishing to receive payments must create an approved account with a distribution agent, complete KYC verification, and submit the necessary tax documentation before the first distribution date.

FTX expects to pay customers between 129% to 146% of the fiat value of their claims as of the bankruptcy filing date. However, many creditors argue that payments should be made in cryptocurrency due to the market’s rise.

The company’s restructuring team has claimed to have received overwhelming support from creditor classes, with more than two-thirds of claims participating in the process.

FTX’s total liabilities to its customers are reported to be approximately $8 billion. In April, it was revealed that CEO John J. Ray charges an hourly rate of $1,575.

Meanwhile, the IRS claims that FTX owes nearly $24 billion in taxes, a sum more than three times the value of the company’s current assets.

Former CEO Sam Bankman-Fried was convicted of seven charges, including fraud and conspiracy, and was sentenced to nearly 25 years in prison.

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