SBF's New Lawsuit Request: Government to Respond by March 11

U.S. government attorneys will respond to former FTX CEO Sam “SBF” Bankman-Fried's request for a new criminal trial by March 11. As stated in Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York's Wednesday filing, Bankman-Fried, who was convicted on seven counts in 2023 and sentenced to 25 years in prison, requested a new trial earlier this month on the grounds of new witness testimony.

Source: Courtlistener

Sam Bankman-Fried's New Trial Request and Court Process

Bankman-Fried, at the center of FTX's collapse in November 2022, faced charges of misusing customer funds and was sentenced to 25 years in prison in March 2024. His defense filed an appeal, but the Second Circuit Court of Appeals has not yet ruled. Judge Kaplan expedited the process by setting the government's response deadline to March 11. This request is based on new witness testimonies and could change the course of the FTX case.

Status of Other Executives After FTX Collapse

Former Alameda Research CEO Caroline Ellison was released in January after testifying. Former FTX Digital Markets co-CEO Ryan Salame is serving more than seven years in prison. The White House officially stated that Trump is not considering a pardon for Bankman-Fried. These developments show that legal reckonings in the crypto sector continue.

Source: Sam Bankman-Fried

FTT Token Current Price and Technical Analysis

FTX token (FTT) is currently trading at $0.32, down -%5.03 in the last 24 hours. RSI at 39.02 is near the oversold region, the overall trend is downward, and Supertrend is giving a bearish signal. Pressure above EMA 20: $0.3450.

• Supports: S1 $0.2778 (Strong, 70% score, -%12.50 distance), S2 $0.2963 (Medium, 58% score).
• Resistances: R1 $0.3246 (Strong, 69% score, +%2.24 distance), R2 $0.5939 (Medium).

For a more detailed review, visit our FTT detailed analysis and FTT futures pages. Movements related to ALT token should also be monitored.

Impacts of the FTX Case on the Crypto Market

The SBF case is shaping crypto regulations. Investors should be cautious against the downtrend in FTT; the strong S1 support may be tested.