In a federal court filing, SBF’s lawyers stated now-bankrupt FTX was far from the only crypto currency firm to fail during a wider market crash last year

Sam Bankman-Fried (SBF) on Monday stated prosecutors charged him with “troubling” hurry and asked a U.S. judge to reject 10 of the 13 criminal counts against him.

In a federal court filing, SBF’s lawyers stated now-bankrupt FTX was far from the only crypto currency firm to fail during a wider market crash last year, and that prosecutors hurriedly charged their client in a “rush to judgment.”

Instead of waiting for conventional civil and regulatory processes after their ordinary course to address the situation, the Government jumped in with both feet, inappropriately looking to turn these civil and regulatory issues into federal crimes, his lawyers stated.

SBF rode a boom in bitcoin and other digital assets to collect approximate net worth of $26bln, and became a powerful political and philanthropic donor before his crypto exchange announced bankruptcy in November.

SBF has pleaded not guilty to fraud and conspiracy.

The exchange imploded following a flurry of customer withdrawals amid reports it had merged assets with Alameda Research, SBF’s crypto-centred hedge fund.

Federal prosecutors stated SBF misled FTX investors and lenders, and stole billions of dollars in customer funds to plug Alameda losses, buy real estate, and make political contributions via an unlawful straw-donor scheme. Prosecutors have also charged SBF with bribing Chinese officials.

Prior to a scheduled trial on October 2, SBF’s lawyers asked U.S. District Judge Lewis Kaplan to order prosecutors to turn over any documents in FTX’s possession that could assist the defence, contending prosecutors were only asking the firm for information that aids its case.

The FTX Debtors have worked so extensively with the Government, and are so involved in the investigation, analysis, and strategy of the Government’s case, that they must be considered part of the ‘prosecution team’, SBF lawyers stated.