Prosecutors say convicted 'crypto king' Sam Bankman-Fried won't face second trial for additional charges, Internet calls it ‘corruption at its finest’

NEW YORK CITY, NEW YORK: The decision by US prosecutors not to pursue a second trial against convicted FTX founder Sam Bankman-Fried has sparked outrage and accusations of corruption across the Internet.

Bankman-Fried, once hailed as the 'Crypto King', was found guilty last month on all seven counts of fraud and conspiracy for looting $8 billion from customers of his now-bankrupt cryptocurrency exchange FTX, as reported by Reuters.

Sam Bankman-Fried won't be facing a second trial for additional charges

In a letter filed on Friday night, December 29, prosecutors stated that the "strong public interest" in a speedy sentencing outweighed the benefits of a second trial for Bankman-Fried.

The 31-year-old former billionaire was facing an additional six charges related to campaign finance violations and operating an unlicensed money transmitter business. However, prosecutors argue much of the evidence was already presented at the first trial and that a second trial would not extend his likely prison sentence under federal guidelines.

Bankman-Fried's sentencing remains scheduled for March 28, 2024. He faces potentially decades in prison for the counts he has already been convicted of.

Collapse of Sam Bankman-Fried's FTX sent shockwaves through crypto industry

The decision comes a year after FTX filed for bankruptcy last November, instantly erasing Bankman-Fried's $26 billion personal fortune and sending shockwaves through the cryptocurrency industry.

Prosecutors alleged the MIT graduate looted customer funds out of sheer greed and ego, while Bankman-Fried claimed he made mistakes managing risks at FTX but did not intentionally steal funds.

The company's failure left an estimated 1 million customers and investors facing total losses in the billions of dollars. The shockwaves also heavily impacted crypto venture capital funds and Bankman-Fried's political donations.

Internet erupts in outrage as Sam Bankman-Fried avoids second trial

The announcement that Bankman-Fried will not face a second trial has been met with outrage online, with accusations of corruption and special treatment.

One user lamented, "It’s crazy how corrupt the entire system is."

Another individual labeled the situation as, "Corruption at its finest."

A third user echoed the sentiment, stating, "This is as corrupt as it gets," while another person expressed their disgust, remarking, "Disgusting."

The palpable frustration with the decision was further illustrated by a comment that read, "What an embarrassment."

Another user succinctly captured the prevailing disbelief, simply stating, "Unbelievable."

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.