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The US Department of Justice To Drop Finance Lawsuit Against Sam Bankman-Fried


Following the consultation of the Bahamas by the DOJ regarding the campaign finance charges in Bankman-Fried’s extradition document last year, the department has decided to drop the suit.

Previously, the Department of Justice indicted Sam Bankman-Fried late last year on eight count charges.

Later, prosecutors included additional five count charges. Still, Bankman-Fried defense counsel argued that the Bahamas, which initially arrested the FTX founder, would have to approve those charges in compliance with the United States extradition treaty with the Bahamas.

READ ALSO:The United States House Votes on Several Digital Assets Bills

Quick Takes

  • According to a court filing yesterday, Wednesday, July 26, the Department of Justice informed Jude Lewis that they intend to drop the “unlawful campaign contributions” charges against Bankman-Fried.
  • This notice came following the court hearing of Bankman-Fried’s supposed effort to shame Caroline Ellison, ex-Alameda Research executive, by spreading private information with the NYT (New York Times).
  • The court filing late yesterday also revealed that the Bahamas didn’t include the 8-count charge from the main indictment, a campaign financing violation in its extradition treaty.
  • Earlier today, the authorities received the information through the court filing that the Bahamas has notified the US today that it has no intention to extradite Bankman-Fried regarding the campaign contribution count.
  • According to the filing, in “compliance with the treaty obligations to the Bahamas, the authorities have no intention to go ahead with the trial regarding the campaign contributions count.
  • Wednesday’s court hearing was opened by Assistant Attorney Danielle Sassoon, who announced that the Department of Justice intends to keep Bankman-Fried in custody.
  • However, Judge Kaplan refused to rule on the motion. Rather, he set up a schedule for the parties to file written submissions.
  • Meanwhile, the judge placed a temporary gag order that prevented the defendant Bankman-Fried from public communications. Furthermore, he scheduled the next trial for the Bankman-Fried case on October 2.

What’s Happening In Crypto Today?

Right now, Bitcoin is trading at $29,503.21, with an increase in market cap by 1.16% and an increase in trading volume by 27.02%.

Ethereum is currently trading at $1,876.41, with an increase in market cap by 1.63% and an increase in trading volume by 33.50%.

  • On its side, Cardano is currently trading at $0.3111 with an increase in market cap by 3.28% and an increase in trading volume by 4.61%.
  • Solana, at present, trades at $25.38, with an increase in market cap by 6.38% and another increase in trading volume by 84.66%.
  • Meanwhile, TRON is trading at $0.08272 with an increase in market cap by 1.75% and another increase in trading volume by 0.99%.













































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