Indicted FTX founder Bankman-Fried urges court to toss charges

Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, walks outside the Manhattan federal court in New York City, U.S. March 30, 2023. REUTERS/Amanda Perobelli

In a filing in Manhattan federal court, Bankman-Fried's lawyers said now-bankrupt FTX was far from the only cryptocurrency company to collapse during a broad market crash in 2022, and that prosecutors hastily charged their client in a "rush to judgment." Bankman-Fried, a 31-year-old former billionaire, rode a boom in bitcoin and other digital assets to accumulate an estimated net worth of $26 billion, and became an influential political and philanthropic donor before FTX declared bankruptcy in November.The exchange imploded after a flurry of customer withdrawals in the wake of reports it had commingled assets with Alameda Research, Bankman-Fried's crypto-focused hedge fund.

"The FTX Debtors have worked so extensively with the Government, and are so enmeshed in the investigation, analysis, and strategy of the Government's case, that they must be considered part of the 'prosecution team'," his lawyers wrote.

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