Prosecutors say that Sam Bankman-Fried will not face a second trial

A second trial for FTX founder Sam Bankman-Fried will not take place, prosecutors say, citing public interest in a speedy resolution.

In a letter filed in a federal court in Manhattan, prosecutors stated that they don't plan to proceed with a second trial as "much of the evidence that would be offered in a second trial was already offered in the first trial and can be considered by the Court at the defendant’s March 2024 sentencing."

The decision was criticized on Friday by Rep. Tim Burchett, R-Tenn. "So we won’t know which politicians he bribed or who’s campaigns he influenced?" Burchett wrote on the social media platform, X. "That collective sigh of relief you are hearing is from the DEEP STATE."

Last month, Bankman-Fried was found guilty on federal charges stemming from his operation of the now-defunct cryptocurrency firm.

The jury convicted him on five counts of conspiracy and two counts of fraud following a month-long trial in New York, Reuters reported. Prosecutors had claimed that he stole $8 billion from the firm's customers.