Federal prosecutors have stated that FTX founder Sam Bankman-Fried will not face a second criminal trial.

The announcement came through a letter submitted to New York federal court on Friday.

The prosecutors argued that a second trial would "delay" a "timely and just resolution of the case."

They stressed that the original case had already presented substantial evidence of Bankman-Fried's involvement in a series of financial crimes during his tenure at FTX, making a second trial largely redundant.

The letter, addressed to Judge Lewis Kaplan, who presided over Bankman-Fried's initial criminal trial last fall, stated:

"Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial."

No More Criminal Charges

This does put an end to speculations surrounding the possibility of Bankman-Fried facing additional criminal charges.

In November, a jury found Bankman-Fried guilty on seven counts, including wire fraud, securities fraud, and money laundering.

These crimes, unveiled in 2022, led to the loss of billions of dollars from FTX and Alameda Research investors, contributing to a cryptocurrency market downturn that had commenced earlier in the year.

Scheduled for sentencing in March 2024, Bankman-Fried is confronted with a potential maximum prison sentence of over 100 years.