US Prosecutors Will Drop Additional Charges Against Bankman-Fried Ahead of October Trial

Prosecutors to Postpone Additional Charges Against Bankman-Fried, Trial Date Set for October

Late Wednesday, U.S. federal prosecutors announced that they will temporarily set aside five charges of foreign bribery, bank fraud, and conspiracy against Sam Bankman-Fried, the indicted founder of the bankrupt cryptocurrency exchange FTX. These charges were added to the initial eight-count indictment last December, which primarily focused on the collapse of FTX. The decision to postpone the additional charges came after a Bahamas court issued a temporary order preventing the government from allowing U.S. prosecutors to proceed with their criminal case against Bankman-Fried.

In a court filing on Wednesday, United States Attorney Damian Williams cited the uncertainty surrounding the Bahamas court’s decision and requested Judge Lewis Kaplan to schedule the trial for the five charges in the first quarter of 2024. To avoid facing these charges, Bankman-Fried’s defense team has previously stated that they expect U.S. prosecutors to drop them if the Bahamas does not cooperate.

Bankman-Fried, once a billionaire, could potentially face a lengthy prison sentence if found guilty at the trial set to commence on October 2. U.S. District Judge Kaplan is anticipated to hear arguments on the matter on Thursday.