Former FTX CEO, Sam “SBF” Bankman-Fried, made a rare courtroom appearance to address potential conflicts of interest with his lawyers. According to a report from Inner City Press on February 21, Bankman-Fried voluntarily waived his right to conflict-free legal representation with attorneys Marc Mukasey and Torrey Young. The two lawyers had filed notices of appearance for both Bankman-Fried and former Celsius CEO, Alex Mashinsky, who had taken similar action in a hearing on February 20.
This appearance in the United States District Court for the Southern District of New York marked one of the first times Bankman-Fried had been seen outside of jail since his conviction on seven felony counts in November 2023. While Bankman-Fried’s time behind bars has largely been out of the media spotlight, photos surfaced on February 19 showing him with other inmates.
According to Inner City Press, Mukasey and Young will continue to represent Bankman-Fried and Mashinsky. On the other hand, lawyers Christian Everdell and Mark Cohen, who represented Bankman-Fried during his criminal trial in October 2023, will be withdrawing. Bankman-Fried is scheduled to appear before Judge Lewis Kaplan for sentencing on March 28.
Bankman-Fried, once hailed as the “Golden Boy” of the crypto world, stepped down as CEO of FTX in November 2022, after the firm filed for bankruptcy. He was held in custody in the Bahamas until his extradition to the U.S., where he was later charged and convicted for fraud related to the handling of funds between FTX and Alameda Research.
Following his trial in October 2023, Bankman-Fried was initially expected to face five additional felony charges in March. However, reports from December indicated that prosecutors had decided not to proceed with the second trial, citing public interest. Bankman-Fried’s defense team is expected to submit sentencing recommendations by February 27.
In light of the collapse of FTX, many are questioning the trustworthiness of crypto exchanges.