Former FTX chief executive Sam Bankman-Fried has asked a federal court for a new trial, arguing that testimony from witnesses not available at the original 2023 trial could undermine the government’s portrayal of FTX’s finances before its collapse. The Feb. 5 filing, submitted to the Manhattan federal court by Bankman-Fried’s mother, Barbara Fried, a retired Stanford law professor, is being reviewed separately from the formal appeal process. Legal observers described the move as a long shot, noting that motions for a new trial face steep legal hurdles. The filing keeps the case active as the crypto industry continues to reckon with the fallout from FTX’s collapse. Bankman-Fried was convicted on seven counts tied to the misuse of customer funds at FTX and Alameda Research and was subsequently sentenced to 25 years in prison.

Key takeaways

• Bankman-Fried filed for a new-trial request in Manhattan federal court on February 5, arguing that testimony from witnesses not previously available could alter the government’s narrative about FTX’s financial condition before November 2022.
• The filing is distinct from his ongoing appeal and is considered a high-risk, rarely-granted remedy, according to coverage of the development.
• The witnesses cited include former FTX executives Daniel Chapsky and Ryan Salame; Salame has already pleaded guilty to related charges and is serving a seven-and-a-half-year sentence.
• Bankman-Fried is asking for a different judge to review the motion, contending that the trial judge, Lewis Kaplan, showed “manifest prejudice” during the proceedings.
• Separately, the FTX bankruptcy estate continues to unwind assets and make payments to creditors, with billions disbursed in 2025 and further payouts anticipated as asset recoveries and claims reviews proceed.

Sentiment: Neutral

Market context: The case sits at the intersection of a reopened legal battle over crypto exchange governance and the ongoing process of asset recovery in the FTX bankruptcy, a backdrop shaping investor sentiment in the broader crypto ecosystem as markets adjust to renewed regulatory scrutiny and liquidity considerations.

Why it matters

The motion filed by Bankman-Fried signals an enduring strategy to contest every possible avenue of review, even after a high-profile conviction that has already reverberated through the industry. By arguing that testimony from former executives who did not appear at trial could alter the narrative surrounding FTX’s finances, the defense aims to inject fresh context into a case that has already established a precedent for the treatment of customer funds and corporate governance within crypto-linked entities. While the odds of a successful new trial remain remote, the procedural maneuver underscores how defendants in landmark crypto cases may pursue multiple tracks to challenge outcomes, particularly when complex financial arrangements are involved.

The allegations hinge on questions about how FTX and Alameda Research presented their financial position in the crucial period leading up to the collapse in November 2022. The defense contends that additional perspective from former executives could complicate the government’s portrayal of solvency and liquidity, potentially altering jurors’ understanding of the company’s underlying finances. The decision to seek a different judge for review adds another layer to the strategy, suggesting the defense believes the presiding judge’s conduct during trial could have influenced the jury’s interpretation. This line of argument echoes earlier appeals discussions that suggested the defense perceived improper constraints on explaining investor fund availability during the proceedings.

On the other side, prosecutors and the bankruptcy team remain focused on recovering value for creditors through a phased payout schedule. The FTX estate’s process has already distributed billions of dollars to creditors in 2025, and officials indicate that additional disbursements will follow as asset recoveries continue and claims are reviewed. The contrast between ongoing asset recovery efforts and a post-conviction legal bid highlights how the FTX saga continues to unfold across multiple fronts—criminal accountability, civil actions, and creditor recovery—well after the initial collapse and sentencing.

What to watch next

• Whether the court will accept the new-trial motion for review, and if so, whether the request is reassigned to a different judge for consideration.
• Any formal responses from prosecutors and the defense, including potential replies outlining why the witnesses’ testimony could be deemed significant or inconsequential to the verdict.
• Timing and scope of further rulings in the criminal case, including any procedural milestones tied to the appellate process or ancillary motions.
• Progress of the FTX bankruptcy estate’s payout plan, including any announced disbursements or adjustments to the repayment calendar as asset recoveries evolve.

Sources & verification

• Motion filed on February 5 in Manhattan federal court by Sam Bankman-Fried’s team, with commentary noting its position as a long-shot challenge.
• Bloomberg’s coverage of the new-trial bid and related scheduling considerations.
• Details of Bankman-Fried’s seven-count conviction tied to the alleged misuse of customer funds at FTX and Alameda Research.
• Salame’s guilty plea and seven-and-a-half-year prison sentence as a related development in the case.
• FTX bankruptcy estate updates describing the phased payout approach and cumulative distributions to creditors in 2025, along with ongoing reviews of remaining claims.

New-trial bid keeps FTX fallout in play as prosecutors press ahead

The central argument in Bankman-Fried’s latest filing rests on the potential impact of testimony from witnesses who were not called at trial, specifically former FTX executives Daniel Chapsky and Ryan Salame. By positing that such testimony could challenge the government’s narrative about FTX’s financial health before the collapse, the defense is attempting to reopen questions about solvency and liquidity that were central to the jury’s assessment in 2023. While the court process for a new trial remains arduous, the submission indicates that the defense believes new material could alter the perception of the company’s finances, a linchpin of the government’s case against Bankman-Fried on seven criminal counts tied to customer funds misuse.

The move to seek a different judge to review the motion adds a procedural layer to the strategy. Bankman-Fried’s team argues that Judge Lewis Kaplan’s conduct during the trial may have introduced what the defense characterizes as “manifest prejudice.” This argument mirrors prior appellate contentions that Kaplan did not allow certain defenses relating to the availability of funds to repay investors to be presented to jurors. The defense’s aim appears to be twofold: to introduce new witnesses who could reframe the financial narrative and to secure an impartial reassessment of the trial dynamics, should the court grant a fresh review.

At the same time, the broader legal and regulatory environment surrounding FTX remains unsettled. The bankruptcy estate’s ongoing efforts to return capital to creditors underscore the complexity of unwinding a multibillion-dollar platform that collapsed under rapid liquidity strains and stakeholder risk. In 2025, the estate distributed billions and indicated that further disbursements would follow as asset recoveries progress and claims are thoroughly reviewed. This ongoing process continues to shape the broader market’s expectations for recovery timelines and the level of restitution investors and customers might eventually receive.

Observers emphasize that even if the new-trial bid does not succeed, it keeps the legal narrative alive, ensuring continued scrutiny of evidence and procedures that could influence future crypto-related prosecutions and settlements. The case thus remains a focal point for discussions about governance, financial disclosures, and customer protections within the crypto space, reinforcing the idea that accountability mechanisms beyond initial verdicts may play a meaningful role in shaping industry standards and investor confidence.

FTX founder Sam Bankman-Fried has launched a fresh public campaign on X that appears aimed at reinforcing his request for a new trial. However, several of the claims he is using to argue his innocence conflict with court records and established facts.

The posts, published days after filings seeking a retrial, frame Bankman-Fried as a victim of politically motivated “lawfare,” alleging misconduct by prosecutors, judicial bias, and retaliation against former FTX executives.

Yet, a review of the claims shows repeated factual errors and logical gaps.

Sponsored

Sponsored

Claims of Gag Orders and Judicial Bias

Bankman-Fried claims both he and Donald Trump were “gagged” by Judge Lewis Kaplan.

Court records show this comparison is inaccurate. Kaplan presided over Trump’s civil defamation case and imposed courtroom conduct limits, not a formal public gag order. 

In reality, Trump’s criminal gag orders were issued by other judges in unrelated cases.

Advertisement

In contrast, Bankman-Fried was subject to a criminal gag order after repeated violations of pretrial release conditions — a standard judicial response.

Sponsored

Sponsored

Repeating Solvency Arguments Rejected at Trial

Bankman-Fried again asserts that FTX “was always solvent” and that prosecutors falsely claimed customer funds were stolen.

Advertisement

That argument was central to his defense at trial and was rejected by a jury, which found that customer assets were misused and misrepresented. 

Also, federal courts have consistently ruled that post-collapse asset recoveries do not retroactively establish solvency at the time of misuse.

Sponsored

Sponsored

Advertisement

Mischaracterizing Prosecutorial Actions

Bankman-Fried also claims Trump “fired” one of his prosecutors, former SDNY official Danielle Sassoon.

Public records show Sassoon resigned after refusing a DOJ directive in an unrelated corruption case. She was not dismissed, and her departure had no direct connection to the FTX prosecution.

Linking DOJ Actions to Politics and Crypto Regulation

Several posts allege the Biden administration targeted him because he opposed Gary Gensler, donated to Republicans, and represented crypto interests.

Sponsored

Advertisement

Sponsored

While Bankman-Fried was active in Washington, no court filings or rulings have supported claims that political donations or regulatory lobbying drove the prosecution. 

Judges ruled the case on documentary evidence, internal messages, and witness testimony. 

In fact, the FTX founder himself directly donated to Joe Biden’s campaign.

Advertisement

Bankman-Fried also defends former FTX co-CEO Ryan Salame, claiming he was coerced into pleading guilty and barred from presenting exculpatory evidence.

Salame pleaded guilty to campaign finance and money-transmission violations and has acknowledged those pleas in court. His sentencing record shows no judicial finding that evidence was unlawfully suppressed.

Former SafeMoon CEO Braden John Karony will face an 8-year prison sentence after being convicted last year on a string of federal charges tied to defrauding investors in his digital assets operation.

The 100-month sentence was handed down Tuesday in U.S. District Court for the Eastern District of New York, and Karony must also forfeit $7.5 million and two residences in the case.

“Karony lied to investors from all walks of life — including military veterans and hard-working Americans — and defrauded thousands of victims in order to buy mansions, sports cars, and custom trucks,” stated United States Attorney Nocella, in a statement. “Our office will continue to vigorously prosecute economic crimes that harm investors and weaken societal trust in the stability and security of digital asset markets.”

Karony was said to have participated in manipulating the price of the SafeMoon token and illicitly controlling liquidity pools in the failed Utah-based company to drain millions of dollars, according to the Department of Justice. After a three-week trial, he was convicted of conspiracy to commit securities fraud, wire fraud, and money laundering.

One co-conspirator, Thomas Smith, also pleaded guilty in February 2025 to conspiracy to commit securities fraud and wire fraud, though he hasn’t yet been sentenced. Another alleged SafeMoon conspirator, Kyle Nagy, is still wanted by authorities.

Read More: SafeMoon Execs Arrested by DOJ in Fraud Investigation, Charged by SEC

The Cardano price continued its strong downward trend, reaching its lowest level since October 2023, making it one of the crypto industry’s top laggards.

Cardano (ADA), a top layer-1 network, slipped to $0.2640, down over 80% from its December 2024 peak and 91% below its all-time high of $3 in 2021.

ADA extended its sharp decline despite several major catalysts, including this week’s CME futures launch and the upcoming Midnight mainnet debut. The futuress product made it available to American retail and institutional investors. 

Midnight, its upcoming zero-knowledge sidechain, is expected to launch either later this month or in March. Data shows that its testnet continues to perform well, having handled over 185,000 blocks and 295 million slots. NIGHT, its native token, has achieved a market capitalization of over $800 million.

Cardano’s developers are working to fix the network and attract more creators. They are working on the Leios upgrade, which will make it a faster network than many popular chains. 

At the same time, they are implementing the Pentad program, which aims to attract more oracle network, tier-1 stablecoins like USDT and USDC, and analytics tools. It has already attracted Pyth Network, a top oracle network, and Dune, a popular analytics tool.

Therefore, Cardano price is falling because of the ongoing crypto market crash, which has affected Bitcoin and most altcoins. 

Cardano price prediction: technical analysis

The weekly timeframe chart shows that ADA token has continued falling in the past few months. It has slumped from a high of $1.3230 in December 2024 to the current $0.2638.

The coin has dropped below the 50-week Exponential Moving Average, a sign that bears remain in control. Also, Cardano token has settled at the key support at $0.2212, the neckline of the head-and-shoulders pattern.

ADA has become oversold, with the Relative Strength Index at 28, the oversold level. The Stochastic Oscillator has also moved below the oversold line. 

Therefore, the coin may rebound in the coming days, potentially to the psychological level of $0.50. However, a drop below the current support level at $0.2212 will confirm more downside, potentially to $0.15.

Justin Sun’s alleged ex-girlfriend claims that her X account was taken down after a large number of people reported that it wasn’t being run by “a real person.”

A screenshot shared by crypto investor Yijin Li, appears to show Ten Ten, real name Zeng Ying, sharing an email from X regarding the suspension. 

In the screenshot (translated with Google Translate), Ten Ten says, “Hilarious! Twitter suspended my account because ‘it wasn’t a real person using it.’”

She claims that she checked the account suspension and discovered it was enforced because “of a large number of reports received in a short period of time.” 

According to the post, Sun appears to be aware of the suspension and reached out to Ten Ten to tell her that he didn’t report the account. However, she doubted whether he was telling the truth.

The email from X told her that she can appeal the account freeze, adding that if she attempts to create a new account to avoid the suspension, it will also be frozen. 

Ten Ten claims Sun wash traded TRX

Ten Ten has been a thorn in Justin Sun’s side for the past few weeks after claiming that she’s his former girlfriend and making a slew of other allegations. 

This includes claims that the controversial Tron founder has made millions wash trading his own TRX token by directing his employees to buy and sell large quantities of it in 2017 and 2018.  

Indeed, this is the subject of a lawsuit launched by the SEC in 2023. Ten Ten also says she’s given evidence to the SEC, but whether or not it will affect a case that’s been paused for most of 2025 remains to be seen. 

Ten Ten also claims that Sun had originally offered to marry her. However, she says she realized this wouldn’t happen when Sun revealed that he was dating Eileen Gu, a freestyle skier who recently won a silver medal at the Winter Olympics.

Dogecoin fell 4% and Shiba Inu dropped 2% on Tuesday, with both meme coins accelerating lower after breaking key support levels.

DOGE broke below the $0.10 psychological level, signaling a significant technical failure. The Supertrend at $0.11958 confirms bearish momentum, while the Parabolic SAR at $0.10544 acts as resistance.

Selling pressure intensified as DOGE moved toward the lower boundary of its channel. Horizontal support sits around $0.08, but the steep decline suggests strong downward momentum.

Open interest decreased 1.02% to $962.62 million, and options volume plunged 48.58%, reflecting reduced trading activity.

The Binance long/short ratio of 2.1756 indicates many traders positioned for a bounce are now underwater. Recovery requires DOGE to reclaim $0.10 and break above the Supertrend at $0.12; otherwise, support at $0.08 and potentially $0.07 remains key.

SHIB trades near the lower Bollinger Band at $0.00000552, showing extreme selling pressure. The Supertrend at $0.00000753 is bearish, and the upper Bollinger Band at $0.00000837 marks how far SHIB has fallen.

A descending trendline limits rallies, while previous support zones have been broken. Token burns rose 65.52% in 24 hours with 2.5 million SHIB removed, but 585.45 trillion remain in circulation, offering only partial long-term support.

Immediate support is $0.00000550-$0.00000600, with a potential drop to $0.00000500 if broken. Recovery needs SHIB to reclaim $0.00000700 and surpass the Supertrend.

Key Takeaways

• Analysts warn the recent bounce to $71,000 may be a “bull trap” designed to liquidate shorts before a retest of $50,000 support.
• JPMorgan data indicates Bitcoin has traded below the estimated miner production cost of $87,000, a historical signal for capitulation.
• Technical patterns highlight critical support at $67,350, with a breakdown potentially opening the door to the $43,000 region.

Strategists at State Street, one of the world’s largest asset managers, say the US dollar’s worst run in nearly a decade could deepen if the Federal Reserve eases policy more aggressively than markets expect, which is a distinct possibility following a possible leadership change at the central bank. 

Speaking at a conference in Miami, State Street strategist Lee Ferridge said the dollar could decline by as much as 10% this year if financial conditions loosen further. While he described two rate cuts as a “reasonable base case,” he warned that the risks are skewed toward more reductions. “Three is possible,” Ferridge said.

Lower US interest rates tend to reduce the appeal of dollar-denominated assets, especially for foreign investors. As rate differentials narrow, overseas investors are more likely to increase currency hedging, which involves selling dollars to protect returns. That added hedging demand can amplify downward pressure on the currency.

Dollar weakness could also be tied to Kevin Warsh, US President Donald Trump’s pick to succeed Jerome Powell as Fed chair. If confirmed, Warsh is widely expected to favor a more aggressive pace of rate cuts.

With the central bank’s current target rate range of 3.50%-3.75%, markets are currently aligned with the more cautious scenario. According to CME Group’s FedWatch Tool, investors are pricing in two rate cuts this year, with the first likely coming in June. Two policy meetings are scheduled before then.

Related: Bitcoin is trading like a growth asset, not digital gold: Grayscale

Weak dollar seen as catalyst for Bitcoin

A weaker US dollar has often coincided with stronger demand for risk assets, including Bitcoin (BTC) and other digital assets. Analysts frequently point to an inverse relationship between the US Dollar Index and Bitcoin, where periods of dollar softness tend to create a more favorable backdrop for crypto prices.

A falling dollar can ease financial conditions, boost global liquidity and push investors toward assets seen as alternatives to fiat currencies. That dynamic has helped support Bitcoin during several past dollar downturns.

Still, the relationship is far from automatic. Recent analysis suggests Bitcoin’s short-term performance has not consistently tracked dollar weakness, and in some periods, prices have even fallen alongside declines in the greenback.

Profit-taking, investor positioning, broader risk sentiment and uncertainty around monetary policy can all dampen the impact of currency moves.

Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets