A federal judge has denied Sam Bankman-Fried's motion for a new trial, upholding the former cryptocurrency executive's conviction for financial fraud related to the collapse of crypto exchange FTX.

Bankman-Fried was convicted of masterminding what prosecutors described as one of the largest financial frauds in U.S. history. The charges stemmed from the November 2022 collapse of FTX, which had been one of the world's largest cryptocurrency exchanges before its sudden bankruptcy.

The denial of the new trial motion represents another legal setback for Bankman-Fried, who had sought to overturn his conviction through the court filing. The specific grounds for his new trial request and the judge's reasoning for the denial were not detailed in available court records.

The FTX collapse sent shockwaves through the cryptocurrency industry and resulted in billions of dollars in losses for investors and customers who had funds on the platform. Bankman-Fried, who was once considered a prominent figure in the crypto world, now faces the prospect of a lengthy prison sentence following his fraud conviction.