Two civil lawsuits against former FTX CEO Sam Bankman-Fried will be paused until his criminal proceedings are complete.
The CFTCthat customer deposits at FTX, including both fiat currencies and cryptocurrencies, were “appropriated by Alameda for its own use” throughout the relevant period. This week, Damian Williams, the U.S. attorney for the Southern District of New York, filed a motion to stay and asked the government entities to pause the lawsuits until the criminal case is settled.
The New York judge deferred the SEC and CFTC cases until the trial in Manhattan concludes. Bankman-Fried’s trial in Manhattan is scheduled to begin on Oct. 3, 2023. The FTX co-founder is charged with , including conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.
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