Bankman-Fried Requests New Trial in FTX Fraud Case

Convicted crypto mogul cites new evidence and claims of prosecutorial misconduct.

Published on Feb. 16, 2026

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Sam Bankman-Fried, the former CEO of the collapsed cryptocurrency exchange FTX, has requested a new federal trial while serving a 25-year prison sentence. Bankman-Fried claims there is newly discovered evidence that disproves the prosecution's case about the solvency of FTX and the alleged looting of $8 billion in customer funds. He also accuses the Department of Justice of coercing a guilty plea and cooperation deal from a key witness, Nishad Singh.

Why it matters

The request for a new trial could potentially overturn Bankman-Fried's conviction and sentence if successful, and would further prolong the legal saga surrounding the implosion of FTX, one of the largest crypto exchange failures in history.

The details

In his motion, Bankman-Fried argues that evidence disclosed since his trial shows FTX always had sufficient assets to repay customer deposits, and that the exchange faced a short-term liquidity crisis rather than insolvency. He also claims the DOJ pressured Nishad Singh, a close friend of Bankman-Fried's younger brother, into changing his initial statements to fit the government's narrative before pleading guilty.

  • Bankman-Fried was sentenced to 25 years in prison in 2023.
  • Bankman-Fried filed the motion for a new trial on Tuesday, February 15, 2026.

The players

Sam Bankman-Fried

The convicted former CEO of the collapsed cryptocurrency exchange FTX, who is currently serving a 25-year prison sentence.

Nishad Singh

A close friend of Bankman-Fried's younger brother, who testified as a cooperating witness at Bankman-Fried's trial after being pressured by the Department of Justice to change his initial statements, according to Bankman-Fried.

Barbara Fried

Bankman-Fried's mother and a Stanford Law School professor, who filed the self-represented bid for a new trial on his behalf.

Lewis Kaplan

The U.S. District Judge who presided over Bankman-Fried's 2023 trial, and whom Bankman-Fried has requested recuse himself from ruling on the motion for a new trial.

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What they’re saying

“What it faced was a short-term liquidity crisis caused by a run on the exchange, not insolvency.”

— Sam Bankman-Fried (Courthouse News)

“Prior to being pressured into a guilty plea, Singh's initial proffer to investigators 'contradicted key parts of the government's version of events. But following threats from the government, Mr. Singh changed his proffers to fit the government's narrative and pleaded guilty to charges carrying up to 75 years in prison, with a promise from the prosecution that it would recommend little or no jail time if it concluded that his assistance in prosecuting Mr. Bankman-Fried was 'substantial.'”

— Sam Bankman-Fried (Courthouse News)

What’s next

The judge in the case, Lewis Kaplan, will decide whether to recuse himself from ruling on Bankman-Fried's motion for a new trial.

The takeaway

Bankman-Fried's request for a new trial, based on claims of new evidence and prosecutorial misconduct, could potentially overturn his conviction and sentence if successful, further prolonging the legal saga surrounding the collapse of FTX and raising questions about the fairness of the original proceedings.