FTX founder Sam Bankman-Fried will not face a second criminal trial, U.S. prosecutors said.

Last November, a jury found Bankman-Fried guilty on seven counts, including wire fraud, securities fraud and money laundering. His crimes, which came to light in 2022, resulted in the loss of billions of dollars worth of FTX and Alameda Research investor funds and deepened the cryptocurrency market slump that had begun earlier that year.