Jailed FTX founder Sam Bankman-Fried asks court for new trial

Sam Bankman-Fried has filed a pro se motion seeking a new trial in his federal fraud case, according to court filings in the Southern District of New York.

The jailed former FTX chief argues that key witness testimony was missing from his 2023 trial, undermining his right to a fair proceeding.

Bankman-Fried is currently serving a 25-year prison sentence after being convicted on seven counts of fraud and conspiracy tied to the collapse of the cryptocurrency exchange.

The motion was submitted under Rule 33 of the Federal Rules of Criminal Procedure, which allows courts to grant a new trial in cases of newly discovered evidence or a miscarriage of justice.

Because Bankman-Fried remains incarcerated, the filing was submitted on his behalf by his mother, Stanford Law School professor emerita Barbara Fried.

FTX collapse and ongoing controversy

FTX was once one of the largest crypto trading platforms in the world. Its sudden downfall in November 2022 followed revelations that its sister trading firm, Alameda Research, was heavily financed with customer funds — creating an estimated multibillion-dollar gap in client assets and triggering a liquidity crisis that forced FTX and related companies into Chapter 11 bankruptcy.

Bankman-Fried’s conviction in November 2023 stemmed from evidence that he diverted customer funds to cover losses, finance lavish expenditures, and support risky trading at Alameda. Prosecutors described the case as one of the largest financial frauds in recent U.S. history.

Recently, Bankman-Fried’s verified X account, operated through third parties due to prison restrictions, has reignited debate by claiming “FTX was never bankrupt” and asserting that lawyers filed a “bogus” Chapter 11 to take control of the estate. That stance directly contradicts court records showing the massive customer-fund shortfall that precipitated bankruptcy proceedings.

The new-trial motion argues that testimony from two former FTX executives could have challenged key aspects of the prosecution’s narrative. Legal experts say such motions under Rule 33 are difficult to win, requiring evidence that would likely lead to acquittal if presented at a new trial.

Bankman-Fried’s filing comes amid other post-conviction efforts, including an ongoing appeal and continued public statements from his X account, which have at times impacted speculative trading in crypto markets linked to the defunct exchange.