IBC Group founder: SBF team claims key evidence on FTX solvency was withheld from jury

Mario Nawfal, founder of Web3 investment firm IBC Group, said on X that Sam Bankman-Fried's (SBF) legal team is arguing that key evidence was withheld from the jury during his trial. According to documents filed with the U.S. District Court for the Southern District of New York, SBF's team claims a sworn affidavit stating that FTX was not insolvent during its November 2022 crisis and that customer assets were always fully repayable was never presented to the jury. The filing also alleges that multiple witnesses dropped their testimony due to pressure and threats from the prosecution. Nawfal added that SBF's team pointed out that prosecutors relied on statements from cooperating witnesses facing long prison sentences while excluding data that showed FTX's actual financial condition. They argue the government and the bankruptcy estate presented a distorted narrative that customer funds had vanished by excluding billions of dollars in assets, and that the subsequent repayment of 119% to 143% to customers was not adequately reflected. The motion, which was reportedly made public for the first time, includes a request for a retrial, the disclosure of undisclosed Brady material, and the recusal of the presiding judge.