Yello Paradisers! U.S. prosecutors have determined that Sam Bankman-Fried, the former CEO of collapsed cryptocurrency exchange FTX, is unlikely to face a second trial. This decision comes following the completion of his first trial.

According to a Reuters report dated December 29, there is a strong public interest in resolving this high-profile case swiftly. Victims of FTX’s collapse are particularly keen on understanding how they will be compensated.

Prosecutors’ Statement and Evidence Consideration

Prosecutors noted that most of the critical evidence against Bankman-Fried has already been presented in the first trial. They believe there is no substantial new evidence that would warrant a second trial.

Guilty Verdict in First Trial

In the initial trial concluded on November 3, Bankman-Fried was found guilty on all seven counts of fraud. These charges included wire fraud, securities fraud, commodities fraud conspiracy, and money laundering conspiracy. The verdict was reached after just four hours of jury deliberation.

Sentencing and Request for Adjournment

Bankman-Fried’s request for an adjournment of four to six weeks on his sentencing hearing was denied by Judge Lewis Kaplan. The judge emphasized that there was no prior objection to the sentencing date when it was initially set. Additionally, Bankman-Fried has already been granted one extension for filing sentencing submissions.

The sentencing for Bankman-Fried is scheduled for March 28, 2024. U.S. prosecutors have concluded that a second trial for Sam Bankman-Fried is unlikely, as the crucial evidence has already been presented in his first trial. Despite Bankman-Fried’s request for an adjournment, his sentencing date remains fixed for late March 2024.