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Founder of bankrupt crypto exchange FTX seeks dismissal of criminal charges

Founder of the bankrupt cryptocurrency exchange FTX Sam Bankman-Fried asked the court to drop most of the criminal charges related to the collapse of the site.

Sam Bankman-Fried has filed a motion to dismiss 10 of the 13 charges he faced, including fraud, conspiracy and bribery of foreign officials.

The prosecutor’s office is expected to respond to Bankman-Fried’s petition by the end of the month.

The motion refers to statements by two of Bankman-Fried’s attorneys. They give the main reasons why, in his opinion, the charges should be dropped.

The motion says that at least some of the charges did not properly state a crime.

Bankman-Fried was arrested in December 2022 in the Bahamas, where FTX was based. He is now under house arrest with his parents in Palo Alto, California.

He pleaded not guilty to misappropriating billions of FTX dollars before the exchange went bankrupt.

Prosecutors allege he used the money to cover losses at Alameda Research, buy luxury real estate and make political donations;

In January, Bankman-Fried pleaded not guilty to several charges, including bribery of Chinese authorities and conspiracy to violate campaign finance laws.