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FTX CEO Sam Bankman-Fried Escaped from Second Trial! Sam Bankman-Fried, who was found guilty after the bankruptcy of FTX will not face a second trial.
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Federal prosecutors stated the rapid resolution of Bankman-Fried’s case was more important for the public interest and announced that they would not file a second lawsuit.
The 31-year-old former billionaire was convicted on seven fraud and conspiracy charges on November 2. Prosecutors accuse former CEO of stealing $8 billion from FTX clients
They stated that Bankman-Fried’s sentence, which is expected to be received on March 28, 2024, will include confiscation and compensation orders for the victims.
Bankman-Fried’s lawyers declined to comment. While this development focused on the legal problems of an important name in the cryptocurrency world, it also brought about its possible effects on the industry.
The financial world does not overlook the demands for more regulation of the rapidly changing and growing sector in the cryptocurrency market.