Cryptocurrency

Sam Bankman-Fried attends hearing to address lawyer’s potential conflict, according to Reuters report.

Sam Bankman-Fried Due in Court for Hearing on Lawyer’s Possible Conflict

Sam Bankman-Fried Returns to Court

Sam Bankman-Fried, the jailed founder of bankrupt cryptocurrency exchange FTX, is due back in court on Wednesday for the first time since his November fraud conviction for a hearing in Manhattan over his new lawyer’s possible conflict of interest.

Bankman-Fried’s Legal Representation

Bankman-Fried, 31, in January hired defense lawyer Marc Mukasey to help represent him during his sentencing and likely appeal. A federal court jury found the former billionaire guilty of stealing billions of dollars from FTX customers.

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Possible Conflict of Interest

In a Feb. 6 court filing, prosecutors in Bankman-Fried’s case said Mukasey and his partner Torrey Young had possible conflicts of interest because Bankman-Fried’s Alameda Research hedge fund used stolen FTX customer funds to repay money it had borrowed from Celsius Networks.

Bankman-Fried’s Sentencing

Bankman-Fried, who has been held at Brooklyn’s Metropolitan Detention Center since August 2023, is scheduled to be sentenced on March 28, and could face decades in prison.

Mukasey’s Background

Mukasey, a former federal prosecutor in Manhattan and the son of former U.S. Attorney General Michael Mukasey, was once part of former U.S. President Donald Trump’s personal legal team.

Upcoming Hearing

At Wednesday’s scheduled hearing, U.S. District Judge Lewis Kaplan is expected to ask Bankman-Fried whether he would waive his right to raise objections to the possible conflict in the future. Mukasey and Young said at that hearing that they could fairly represent both Bankman-Fried and Mashinsky.

Bankman-Fried’s Legal Team

Bankman-Fried was represented throughout his monthlong trial by Mark Cohen and Christian Everdell, who continue to represent him alongside Mukasey and Young.

Awaiting Mashinsky’s Trial

Mashinsky is free on bail. His trial has been scheduled for Jan. 28, 2025.

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