According to US prosecutors, Sam Bankman-Fried, who formerly oversaw one of the largest bitcoin exchanges in the world and faces decades behind bars, will not stand trial again.
Last month, the 31-year-old was convicted guilty of money laundering and fraud.
The benefits of a second trial, according to the prosecution, were exceeded by the “strong public interest” in the former billionaire’s case being resolved.
Six accusations had been brought against him since his initial trial.
These included conspiracies to conduct an unregistered money transmission company, commit bribes, and violate campaign finance laws.
It has been decided to sentence him on March 28.
Prosecutors stated in a document submitted to a Manhattan federal court that forfeiture and restitution orders for the victims of his crimes will probably be part of his sentence.
Bankman-Fried’s conviction in New York on 2 November ended a remarkable fall from grace for the erstwhile billionaire, long hailed as the “King of Crypto”.
Following FTX’s bankruptcy last year, he was taken into custody.
FTX was once valued at $32bn (£26bn), but when it went bankrupt in November last year $8bn in client funds was missing.
He was found guilty by the jury of embezzling billions of dollars from FTX, lying to lenders and investors, and causing the company to collapse. Seven counts of fraud and money laundering were brought against him.
The prosecution produced proof that, in the early days of the exchange, when regular banks refused to allow it to create an account, FTX customers sent deposits to Bankman-Fried’s cryptocurrency trading company, Alameda Research.
Rather than protecting those monies, as Bankman-Fried had publicly promised to do on several occasions, he spent the money to pay back Alameda lenders, purchase real estate, make investments, and make political contributions.
He had entered a not guilty plea to every accusation, arguing that despite his shortcomings, he had behaved honorably.
The maximum sentence for five of the crimes Bankman-Fried was found guilty of is twenty years in jail; the maximum sentence for the other two counts is five years.
That means a maximum sentence of 110 years might be imposed. Bankman-Fried is anticipated to serve a lengthy sentence, if the judge does decide to do so, which is doubtful.
In an attempt to get their sentences reduced, three of his former close friends and coworkers—including his ex-girlfriend Caroline Ellison—pleaded guilty and consented to testify against him.
Their sentencing is scheduled for a later time.