Former FTX CEO challenges 25-year prison sentence after fraud conviction
Sam Bankman-Fried (SBF), the former CEO of collapsed crypto exchange FTX, will face a critical appeals hearing on November 4 in the U.S. Court of Appeals for the Second Circuit. The proceeding marks the next phase of his legal battle nearly two years after being sentenced to 25 years in prison on seven felony counts, including wire fraud and conspiracy.
Appeal process begins
Bankman-Fried’s lawyers filed an appeal in April 2024, arguing that their client was “never presumed innocent” during his high-profile trial. They also claim that prosecutors misled jurors by presenting a “false narrative” suggesting FTX customer funds were permanently lost. If successful, the appeal could result in a new trial or a resentencing hearing.
Since March, Bankman-Fried has been held at the Federal Correctional Institution in Terminal Island, California, after being transferred from a New York facility. His official release date is currently listed as October 25, 2044.
Associates’ sentences and ongoing cases
Bankman-Fried was the only top FTX executive to maintain a not guilty plea. His inner circle, including Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame, cooperated with prosecutors, leading to lighter sentences.
- Caroline Ellison, ex-Alameda Research CEO, received two years in prison and is expected to be released in March 2026.
- Gary Wang and Nishad Singh were sentenced to time served.
- Ryan Salame was given more than seven years in prison after a failed attempt to withdraw his guilty plea.
At least one related criminal case involving Salame’s partner, Michelle Bond, remains pending.
Political speculation and pardon rumors
Reports suggest that Bankman-Fried may also pursue a presidential pardon from U.S. President Donald Trump. Trump has shown willingness to intervene in high-profile crypto cases, including his pardon of Silk Road founder Ross Ulbricht earlier this year. However, it remains unclear whether Bankman-Fried could benefit from similar executive clemency given the public attention surrounding his case.
With the November hearing approaching, the outcome could reshape not only SBF’s fate but also how courts handle future high-profile crypto fraud cases.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.