2 - 4 minute read
The legal troubles of Sam Bankman-Fried, founder of FTX crypto exchange, continue to mount as he faces additional charges for wire fraud, money laundering, bank fraud, and bribery. Bankman-Fried has pleaded not guilty to all charges, and his legal team has moved to dismiss many of them. However, a recent Bahamas Supreme Court judgment has allowed Bankman-Fried to judicially review the terms of his extradition from the Caribbean, causing a delay in the additional charges levied against him in the U.S.
According to the judgment, Bankman-Fried should have the right to mount a legal challenge before the Bahamas agrees to add extras to the charge sheet. The Bahamas government cannot add the additional offenses until that legal process has finished. The review should take place “in an expedited manner,” though the findings are unknown at this time.
Bankman-Fried’s lawyer, Mark Cohen, intends to file an application for judicial review as directed by the Supreme Court and to continue pursuing his legal rights in The Bahamas. Cohen has previously warned that legal measures in the Bahamas could take “months or years,” pushing them beyond the planned October U.S. trial date or meaning he does not have enough time to prepare a defense to the extra charges.
The delay in Bankman-Fried’s case could have implications for the future market moves of FTX crypto exchange. The ongoing legal battle could impact the reputation and credibility of the exchange, leading to a loss of customers and a decrease in trading volume. Traders should stay informed on the case’s developments and be prepared for potential volatility in the market.
The Bottom Line
The delay in Bankman-Fried’s case due to the Bahamas Supreme Court judgment has put a pause on the additional charges levied against him in the U.S. The legal battle could have implications for the future market moves of FTX crypto exchange, and traders should stay informed on the case’s developments to make informed decisions.
