FTX founder and former CEO Sam Bankman-Fried has requested a federal judge to drop the charges against him in a recent filing submitted to a Manhattan court.
Bankman-Fried’s lawyers called the charges a “rush to judgment” by prosecutors, citing the 2022 market crash as the main reason behind the collapse.
They added that the charges were a result of turning civil and regulatory issues into federal crimes. Bankman-Fried is facing charges of fraud, bribing Chinese officials, bank fraud, conspiring to make illegal political donations, and more.
He could face over 100 years in prison if convicted. FTX’s Japanese unit has reopened and has started the process of returning funds to customers.
The exchange has also sold the LedgerX platform to Miami International Holdings for $50 million to help repay customers.