According to news reports, Sam Bankman-Fried recently filed a motion in court seeking a dismissal of the charges leveled against him for the collapse of FTX exchange. In addition, he blamed the exchange’s failure on prevalent crypto winter.
The former CEO of troubled FTX tried to present the operations of the firm as legal while pinning the fault on stringent regulations the US regulators place on digital assets in the past few years.
In addition, reports showed that SBF and his attorneys are bomberding the federal presecutors as they frantcally try to persuade the court to discard the case. They want all charges against SBF withdrawn before a trial would take place.
SBF Wants FTX’s Collapse Case Dismissed From Court
On Monday, the legal team representing the former FTX CEO, Sam Bankman-Fried filed seven motions. The motions reportedly centred on persuading the court to dismiss the fraud-related charges agaisnt SBF.
According to the report, the team argued that most of the charges leveled agaisnt his violated the terms on which SBF was extrdited from the Bahamia to the US for prosecution. As such, they claimed the US government cant subject him to prosecution.
In addition, SBF’s attorneys tried to claim that FTX’s crypto trading activities were standard with no irregularities. Also, they claimed the US government is to be blamed for its stringent laws which caused massive turbulence in the crypto market.
Furthermore the law professionals claimed that the government’s probing SBF is a typical rush to judgement act. They argued that the failure of FTX was common throughout the whole crypto space.
Additionally, the attorneys claimed that the allegations of secrete loans to Alameda from FTX or the failure of FTT, the native token of FTX, which the prosecutors claimed to have caused the exchange’s collapse was wrong. Rather, they claimed that the collapse was the aftermath of a broader crypo winter.
SBF Attorneys Motioned Against Double Jeopardy
The team motioned at the New York Southern District Court that if two charges emerge from a portion of the law, convicting someone of either of the two pairs would be a convocation for the same offense. Under the US laws, a defendant cannot be charged two times for the same offense, a condition termed “double jeopardy.”
The attorneys argued that it would be an undue prejudice if SBF is allowed to face trials for multiple crime charges when they believe some of the charges can be classified as the same. Speculators suggested that the defense team might be using the motion to discredit the prosecutors before the presiding court or Jury.
The pairs of allegations leveled against SBF included: a plot to perpetrate bank fraud and another plot to execute wire fraud on FTX clients; and a plot to execute illegal funds transmitting enterprise and another plot to perpetrate commodities fraud on FTX clients.
According to Bankman-Fried, these pairs of allegations are duplicative. He argued that the feds should remove one charge from each of the pairs.
Meanwhile, the defense teams also included many obscure legal assertions against some other charges in their motions. One of their assertions was that the US government did not state most of the current charges in the list of terms in which the Bahamian government agreed to before allowing them to extradite Sam Bankman-Fried.
