Prosecutors are expected to proceed with FTX's Sam Bankman-Fried's second trial in March

The trial of Sam Bankman-Fried (SBF), the former CEO of FTX, has come to an end with a guilty verdict on seven charges. However, this is not the final chapter in the SBF saga. The former billionaire still faces additional charges and a second trial scheduled for March 11.

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Sentencing Delayed Until March 28

Before we dive into the next phase of the case, it’s worth noting that SBF’s sentencing has been delayed until March 28. This means that there will be a break in proceedings before the court returns to sentence the former FTX CEO.

Second Trial on Foreign Bribery Charges

But even after the sentencing hearing is over, SBF still faces another trial scheduled for March 11. In this second trial, he will face charges of foreign bribery, among others. The U.S. Department of Justice has until February 1 to decide whether it plans to proceed with this case.

Will Prosecutors Proceed?

According to Brendan Quigley, a former prosecutor for the Southern District of New York (SDNY), it’s likely that prosecutors will proceed with the second trial. "I think you could see some push from the SDNY not to just walk away from these charges," he said on TechCrunch’s Chain Reaction podcast.

Quigley notes that while there might be a conventional wisdom that federal prosecutors and SBF would agree on a settlement, there are potential challenges to this approach. "It is a kind of conventional wisdom that people think the SDNY will just let this case go away," he said. "But I think you could see some push from the SDNY not to just walk away from these charges."

Appeal Expected

Given SBF’s plans to appeal his current conviction, it’s unlikely that he will plead guilty in the second trial. Quigley notes that every year counts for SBF, and it will be an "uphill battle" for him.

Key Evidence from the First Trial

During the first trial, former Alameda Research CEO Caroline Ellison testified that the crypto trading firm paid Chinese officials to get their Alameda trading accounts on OKX and Huobi in China unlocked. Bankman-Fried was CEO in 2020 when the accounts, valued around $1 billion, were frozen.

While Judge Lewis Kaplan noted at the time that the defendant had not been charged with bribery of Chinese officials in the first case, this is a major claim that could be brought up if there’s a second trial.

What to Expect Next

The main event to come will be the sentencing and seeing how arguments shape up in connection to them. Quigley notes that "at the end of the day, for him every year matters," and it will continue to be an "uphill battle" for the former billionaire.

This article was inspired by an episode of TechCrunch’s podcast Chain Reaction. To hear more stories and tips from entrepreneurs building today’s most innovative companies, subscribe to Chain Reaction on Apple Podcasts, Spotify, or your favorite pod platform.

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Prosecutors are expected to proceed with FTX’s Sam Bankman-Fried’s second trial in March