Bankman-Fried Withdraws New Trial Motion Amid Hypothetical Portfolio Estimates

Sam Bankman-Fried, the founder of defunct cryptocurrency exchange FTX, has withdrawn his motion for a new trial in the Southern District of New York. The motion, filed under Rule 33, sought a new trial based on allegedly newly discovered evidence. However, Bankman-Fried's team withdrew the motion without prejudice, allowing them to refile after his appeal is resolved.

The withdrawal comes as social media posts have gone viral estimating FTX's hypothetical portfolio value at $114 billion today. These estimates are based on a hypothetical scenario where FTX had not liquidated its investments following its collapse in 2022. The hypothetical portfolio includes positions in various companies such as Solana, SpaceX, and Robinhood.

The withdrawal of the motion does not affect Bankman-Fried's ongoing appeal before the Second Circuit or his request for a new judge. His appeal remains active, and it is unclear when a decision will be made on his case.