Prosecutors offer to drop 5 charges against Sam Bankman-Fried if judge sets second trial

Federal prosecutors told a judge in a letter late Wednesday night that they would agree to drop five of the 13 criminal charges against FTX founder Sam Bankman-Fried if the court would set a second trial for those charges early next year.

The move comes as cryptocurrency entrepreneur Bankman-Fried won an initial step towards challenging those additional charges in the Bahamas earlier this week.

Bankman-Fried was originally indicted and extradited from the Caribbean nation on eight criminal charges for engaging in what prosecutors allege was one of the largest financial frauds in US history.