Sam Bankman-Fried, serving 25 years over FTX’s collapse, heads to an appeals hearing in November, with a possible retrial on the line.
Sam Bankman-Fried heads back to court in November
Almost two years after being handed a 25-year prison term, former FTX chief executive Sam Bankman-Fried is preparing for his first major appeal hearing. The U.S. Court of Appeals for the Second Circuit confirmed arguments will take place on November 4, marking the next phase of one of crypto’s most closely watched criminal cases.
Appeal process gains momentum
Bankman-Fried’s legal team filed an appeal in April 2024, contesting his conviction on seven felony counts. In their filings, lawyers argued that he was “never presumed innocent” and that prosecutors mischaracterized customer losses at FTX as permanent. If the court agrees, the case could be sent back for a retrial or resentencing.
High-profile collapse of FTX
FTX filed for bankruptcy in November 2022 after a liquidity crunch exposed massive holes in its balance sheet. Several executives pleaded guilty, but Bankman-Fried fought the charges, leading to a high-profile New York trial in 2023. His bail was later revoked amid accusations of witness intimidation, and since March he has been held at the Federal Correctional Institution at Terminal Island in California. His official release date remains October 25, 2044.
Associates already sentenced
Other top FTX figures have already faced sentencing:
- Caroline Ellison, former Alameda CEO, received two years in prison.
- Gary Wang and Nishad Singh were sentenced to time served.
- Ryan Salame received more than seven years after withdrawing a plea deal.
One related case, involving Salame’s partner Michelle Bond, remains ongoing.
Pardon speculation
Despite the appeals process, speculation continues that Bankman-Fried might seek a presidential pardon. Reports linked him to outreach toward Republicans after Donald Trump returned to office. Trump previously pardoned Silk Road founder Ross Ulbricht, raising questions whether SBF could pursue a similar path — though no move has been confirmed.
