UpdatesJun 01, 2023

Prosecutors may drop some of the charges brought against the former CEO of FTX

US prosecutors have informed the public that the trial situation of Sam Bankman-Fried may become more favorable.

US prosecutors who are leading the case against the former CEO of the failed cryptocurrency derivatives exchange FTX, Sam Bankman-Fried (SBF), recently announced that they may drop some of the numerous criminal charges against him. They indicated such an eventuality within the application that was filed a few days ago in Federal Court in Manhattan. American investigators referred to the terms of extradition of SBF from the Bahamas.

US prosecutors may drop some charges against FTX CEO

US prosecutors recently announced that some of the numerous criminal charges brought against disgraced entrepreneur and criminal Sam Bankman-Fried may be dropped. They informed about such a possible eventuality in the application that was filed in the Federal Court in Manhattan.

The above-mentioned withdrawal of charges would only occur if the Bahamian authorities issued an objection in relation to additional charges. All because the three charges against the former CEO of FTX were added to the indictment after his extradition from this country. With this in mind, Sam Bankman-Fried's lawyers moved to dismiss them.

All indications are that the SBF is in good fortune as, under current international law, an extradited person can only be legally prosecuted or convicted for a crime or crimes for which he or she has been expressly authorized to be surrendered to the authorities of another country .

From the very beginning, SBF's defenders wanted to take advantage of the favorable legal regulations, asking the district judge many times to dismiss the charges against their client after SBF had been extradited from the Bahamas. Additional charges that prosecutors brought against the former FTX CEO included crimes such as conspiracy to commit bank fraud and conspiracy to bribe a Chinese official.

It is worth noting that the US Department of Justice called on the judge handling the case to reject the request of Sam Bankman-Fried's lawyers. US officials described it as "utterly absurd." Fortunately for the SBF, the fact is that prosecutors have declared that they will drop additional charges if the Bahamian authorities decide in the future that they violate the terms of extradition of an American businessman.