
Bitcoin Reclaims Short-Term Holder Cost Basis—What It Means
Bitcoin's price rises above short-term holder cost basis, signaling gains.

Sam Bankman-Fried has withdrawn his motion for a new trial while still pursuing an appeal of his conviction. He also requests a new judge for his case in the Southern District of New York.
Mentioned in this story
Former FTX CEO Sam Bankman-Fried, serving a 25-year sentence for his role in misusing user funds at the crypto exchange, has dropped a motion in federal court requesting a new trial for his criminal case, but still has a pending appeal of his conviction and sentence.
In a Wednesday filing in the US District Court for the Southern District of New York, Bankman-Fried responded to a March 23 letter from Judge Lewis Kaplan ordering the former FTX CEO to answer whether he received any assistance from lawyers for a pro se motion -- a filing on his own behalf without an attorney. Kaplan’s order followed US prosecutors raising doubts whether the convicted company founder filed for an extension of his request for a new trial by himself in March, just a few days after his mother, Barbara Fried, though lacking standing, sent a letter to the court on her son’s behalf.
“I am the author of this letter, but did consult with my parents about it, since it concerns both of them,” said Bankman-Fried, referring to an extension to file for a Rule 33 motion for a new trial, adding:
“As I have had to focus on responding to these questions rather than drafting a response to the prosecution's opposition, and because I do not believe I will get a fair hearing on this topic in front of you, I am now requesting to withdraw the Rule 33 motion, without prejudice to renewing it after my direct appeal and the related request for reassignment have been ruled upon.”

Letter from Sam Bankman-Fried, made public on Wednesday. Source: Courtlistener
Bankman-Fried requested in February that a different judge rule on his motion for a new trial, claiming that Kaplan showed “extreme prejudice.” He also awaits a decision on his appeal of his conviction and sentence in the US Court of Appeals for the Second Circuit. Neither filing was apparently affected by Bankman-Fried’s letter, posted to the public docket on Wednesday.
He withdrew the motion to focus on responding to questions from the court and due to concerns about receiving a fair hearing.
He has a pending appeal of his conviction and sentence, which he plans to address after resolving his request for a new judge.
Judge Lewis Kaplan is the presiding judge in Bankman-Fried's criminal case in the US District Court for the Southern District of New York.

Bitcoin's price rises above short-term holder cost basis, signaling gains.

Panelists at Consensus Miami discuss why perpetual DEXes struggle to attract institutional investors.

Dogecoin (DOGE) struggles below $0.1120, facing key resistance levels.

XRP price has dropped below $1.40, facing resistance and potential further declines.

Major technical outage halts trading on Coinbase, forcing markets into 'Cancel Only' mode.

How AI Agents Could Transform Crypto Financial Transactions
See every story in Crypto — including breaking news and analysis.
Bankman-Fried, known as SBF, was once the CEO of one of the largest crypto exchanges globally before he was convicted of fraud and charges related to his misuse of customer funds in 2023 and later sentenced to 25 years in prison. As of Wednesday, he was housed at the Federal Correctional Institution, Lompoc I, in California.
Following his incarceration, the former FTX CEO has made several public statements through interviews and his social media accounts signaling plans to apply for a presidential pardon from Donald Trump.
His request for a new trial included claims that former US President Joe Biden's Justice Department “threatened multiple witnesses into silence or into changing their testimony“ at his criminal trial. He has also posted to X praising Trump's crypto policies and the president's military actions in Iran.
In a January New York Times interview, Trump said that he had no intention of pardoning the convicted former FTX CEO.