Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, has had a campaign financing allegation against him dropped by U.S. prosecutors.
Sam Bankman-Fried Has Had a Campaign Financing Allegation Against Him Dropped By U.S. Prosecutors
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX who was accused of stealing billions of dollars from consumers, has had a campaign financing allegation against him dropped by U.S. prosecutors.
The campaign finance charges accuse SBF of illegally instructing associates to donate millions of dollars to political campaigns.
In what was called one of the "biggest financial frauds in American history," according to the prosecution, Bankman-Fried is still charged with seven counts of defrauding or conspiring to defraud clients, investors, and lenders.
He has pleaded not guilty and denied taking funds. A second trial on five accusations brought following his extradition, including conspiracy to commit bank fraud and overseas bribery, is scheduled to start on October 2.
The dismissal of the campaign financing indictment might enable Bankman-Fried's attorneys to concentrate on the fraud case in their argument. Former FTX director of engineering Nishad Singh and former FTX technology chief Gary Wang have both entered guilty pleas to charges of fraud and campaign finance.
