Sam Bankman-Fried, the co-founder of FTX, is attempting to have the charges against him dismissed, arguing that the US government has wrongfully criminalized regulatory concerns related to the cryptocurrency market crash.
FTX co-founder Sam Bankman-Fried is seeking the dismissal of criminal charges against him, claiming that the US government has wrongly turned civil and regulatory issues resulting from the cryptocurrency market crash into federal crimes. Bankman-Fried’s lawyers argued that the government’s response to the market collapse was “dramatic and troubling,” affecting the entire industry. They also noted that Bankman-Fried’s non-US FTX firm lasted longer than others in the industry before entering bankruptcy in November. Prosecutors allege that Bankman-Fried cheated investors and looted customer deposits to make real estate purchases, donate to politicians, and make risky trades. New charges added to the indictment in March accused Bankman-Fried of violating the Foreign Corrupt Practices Act by paying $40 million in bribes to a Chinese official to free up $1 billion in cryptocurrency. Bankman-Fried’s lawyers also claimed that the charges filed later violated an Extradition Treaty between the US and the Bahamas, from where he was extradited.
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