TLDR
- Sam Bankman-Fried has filed an appeal to reduce his 25-year prison sentence after his conviction on seven felony charges.
- Oral arguments for Bankman-Fried’s appeal are scheduled for November 4, 2025, in the U.S. Court of Appeals for the Second Circuit.
- Bankman-Fried’s legal team argues he was not presumed innocent and that prosecutors misrepresented FTX’s user funds.
- His attorneys claim the Chapter 11 bankruptcy proceedings were manipulated to prioritize legal fees over customer interests.
- Key testimonies from former FTX executives, including Caroline Ellison and Gary Wang, played a significant role in his conviction.
Former FTX CEO Sam Bankman-Fried, sentenced to 25 years for seven felony charges, has filed an appeal. His legal team challenges the conviction, aiming to reduce his prison term. Oral arguments for the appeal are set for November 4, 2025, in the U.S. Court of Appeals for the Second Circuit.
Appeal Arguments and Legal Challenges
Sam Bankman-Fried’s legal representatives filed an appeal notice in April 2024. They assert that Bankman-Fried was not “presumed innocent” during his trial. His team also claims prosecutors created a “misleading narrative” about FTX’s user funds being permanently lost.
In their September 2024 filing, Bankman-Fried’s attorneys argued that he received an unjust trial. They suggest that the narrative surrounding the collapse of FTX was distorted. If the court accepts their appeal, it could lead to a new trial or resentencing.
Sam Bankman-Fried’s team is also considering another argument strategy. He claims that outside legal counsel manipulated FTX’s Chapter 11 bankruptcy proceedings. According to him, Sullivan & Cromwell and John Ray III prioritized legal fees over customer interests. This claim, if presented, could shift the focus away from criminal intent.
Bankman-Fried Faces Final Appeal for Reduced Sentence
Sam Bankman-Fried’s case is one of the most significant in cryptocurrency history. The trial featured key testimonies from former FTX executives, including Caroline Ellison and Gary Wang. Their testimonies against Bankman-Fried significantly contributed to his conviction.
The sentencing of Bankman-Fried’s former associates has followed his own. Caroline Ellison received a two-year sentence in September 2024. Gary Wang and Nishad Singh, who also testified for the prosecution, received sentences of time already served.
If Bankman-Fried’s appeal is unsuccessful, his 25-year sentence could stand. However, a successful appeal could lead to a retrial or a different sentence. The appeal process remains one of the final chances for Bankman-Fried to challenge his conviction.
Sam Bankman-Fried’s Legal Challenges Continue to Grow
In addition to his appeal, Sam Bankman-Fried may explore alternative routes to freedom. During an interview with Tucker Carlson, he hinted at aligning with Republican viewpoints. This sparked speculation that he might seek a pardon from former President Donald Trump.
Although Bankman-Fried did not directly request a pardon, his comments generated interest. This follows Trump’s previous pardon of Silk Road founder Ross Ulbricht, another controversial figure in cryptocurrency. However, it remains unclear whether a pardon is a realistic possibility.
Bankman-Fried’s legal challenges continue to grow. A deposition, scheduled for October 14, 2025, could provide further insights into his actions. This deposition stems from allegations by Three Arrows Capital co-founder Zhu Su, who claims Bankman-Fried liquidated $1.5 billion of their assets without justification.
In the meantime, FTX customers are still awaiting repayment. Over $6.5 billion has been distributed to creditors, with an additional $1.9 billion expected in September. Despite this, approximately $1.4 billion in claims remain unresolved, hindered by various legal and jurisdictional issues.
