The US Department of Justice has stated its intention not to pursue a second trial for Samuel Bankman-Fried, recently convicted of embezzlement related to his defunct cryptocurrency exchange, FTX.

Prosecutors argue that substantial evidence presented in the initial trial makes a prompt resolution in the public's best interest, as mentioned in a letter filed in a Manhattan federal court.

"Given that practicality . . .the Government intends to proceed to sentencing on the counts for which the defendant has been convicted at  trial," wrote the prosecutors.

A flashback

Related News

FTX sues Binance and ex-CEO Changpeng Zhao, alleging $1.8Bln in fraud

Ex-Binance CEO faces prison time in US over money laundering charges

FTX, established in the Bahamas in 2019 by Bankman-Fried and Gary Wang, emerged as one of the world's largest cryptocurrency exchanges, boasting a user base of over one million and a valuation of $32 billion in January 2022.

By November 2022, media reports raised concerns about FTX being a financial bubble, leading to a surge in withdrawals and catching the attention of US regulators amid a liquidity crisis.

Investigations revealed allegations that Bankman-Fried and his team deceived investors for years, utilizing clients' funds for risky ventures at the Alameda hedge fund and personal expenses.

At the time, the MIT graduate was charged with two charges of wire fraud and six counts of conspiracy, including conspiracy to launder money and commit campaign finance violations. If convicted, he may face up to 115 years in prison.

Bankman-Fried admitted to making mistakes while running FTX, but he believes he is not criminally culpable.

The 30-year-old crypto tycoon rode a surge in the value of bitcoin and other digital assets to become a multi-billionaire and a powerful political donor in the United States until FTX went bankrupt in early November following a rush of withdrawals.

 Read next: FTX Sam Bankman-Fried found guilty of seven charges, sentence pending