On May 8, Bankman-Fried asked U.S. District Judge Lewis Kaplan to dismiss most of the charges against him, arguing that some were based on a theory of fraud that centers around depriving a victim of economically-valuable information rather than tangible property.
But legal experts said that in Bankman-Fried's case, prosecutors can in fact point to tangible property that victims lost. Bankman-Fried's case is part of an escalating crackdown on alleged abuses at digital asset exchanges by U.S. prosecutors and regulators, following last year's plunge in the values of Bitcoin and other tokens as central banks raised interest rates. Officials say Bankman-Fried portrayed FTX as a safe, responsible platform in the volatile sector, even as he was diverting customer funds.
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