Judge Rejects SBF’s FTX Solvency Claim

Supports: S1 $0.2858 (⭐ Strong, -1.99%), S2 $0.2638 (⭐ Strong, -9.53%)
Resistances: R1 $0.2927 (⭐ Strong, +0.38%), R2 $0.4221 (⭐ Strong, +44.75%)

Sam Bankman-Fried’s New Motion Rejected by US Judge

Former FTX CEO Sam Bankman-Fried’s (SBF) motion, presented with new evidence to prove the company was financially solvent at the time of bankruptcy, was firmly rejected by US District Judge Lewis Kaplan. Kaplan, in an order issued on Tuesday at the Southern District of New York, described these evidences as “baseless” and ruled himself despite Bankman-Fried’s recusal request. Although the defense tried to convince the court with arguments emphasizing FTX’s solvency, the judge found the claims insufficient. SBF had withdrawn the motion last week, stating he could not get a fair hearing from Kaplan. The appeal process continues.

The original motion filed in February accused the Department of Justice of withholding information, citing testimonies from Ryan Salame and Daniel Chapsky. Salame, as co-CEO of FTX Digital Markets, received a 90-month prison sentence in 2024. Chapsky was the former head of data science. Kaplan emphasized that SBF could request the testimonies but took no action; he rejected the claims as “wild conspiracy theories.” SBF’s interviews with Michael Lewis and Tucker Carlson were also criticized as “old stories.”

SBF was convicted on seven charges in November 2023 and sentenced to 25 years in prison. Prosecutors compared the FTX-Alameda fraud to Bernie Madoff. Hopes for a Trump pardon also fell through. This demonstrates the rigor of legal accountability in the crypto sector.

Critical Support and Resistance Levels for FTT

The echoes of FTX events continue in the FTT detailed analysis. Current price: $0.29 (-0.95% 24s). RSI: 47.48 (neutral), trend: downtrend, Supertrend: bearish, EMA20: $0.2951.