Former FTX CEO Sam Bankman-Fried (SBF), who is currently serving a 25-year prison sentence after being convicted on seven felony charges, has recently submitted an appeal to a U.S. court in an attempt to reduce his jail term. The U.S. Court of Appeals for the Second Circuit has scheduled oral arguments for his appeal on November 4, 2025.
This development comes after Bankman-Fried was sentenced in March 2024 and transferred from a New York City detention facility to a California prison following the collapse of the $8 billion cryptocurrency exchange, FTX. His appeal was filed in April 2024, challenging both his conviction and the lengthy prison sentence.
In their appeal filing in September 2024, Bankman-Fried’s legal team argued that he was never presumed innocent and that prosecutors presented a misleading narrative suggesting that FTX user funds were permanently lost. Additionally, a post on X by SBF implied that the bankruptcy proceedings of FTX were manipulated by outside legal counsel, diverting focus from criminal intent to procedural misconduct.
If the appeal court overturns the initial decision, it could lead to a new trial or resentencing for Bankman-Fried. However, overturning such a prominent conviction will be challenging, especially considering the damaging testimony from former FTX executives, including Caroline Ellison and Gary Wang.
Caroline Ellison, SBF’s former romantic partner who pleaded guilty during his trial, received a two-year prison sentence in September 2024. Gary Wang and Nishad Singh, who also testified against Bankman-Fried, were sentenced to time already served.
In a separate development, Bankman-Fried’s recent interview with Tucker Carlson, where he hinted at aligning with Republican viewpoints, has sparked speculation about seeking a pardon from former President Donald Trump. Meanwhile, Three Arrows Capital’s joint liquidators plan to depose SBF regarding alleged illegal liquidations, adding another layer of legal complexity to his situation.
As FTX customers await full justice and repayment, ongoing efforts have seen over $6.5 billion distributed to creditors, with an additional $1.9 billion expected to be paid out soon. However, unresolved claims totaling $1.4 billion remain due to various compliance and jurisdictional issues.
The appeal filed by Sam Bankman-Fried signifies a critical juncture in his legal battle for freedom, with the outcome of the upcoming oral arguments potentially shaping his future. The complexities of his case and the interconnected web of legal proceedings underscore the gravity of the situation as the cryptocurrency community watches closely for further developments.