Former FTX CEO Sam “SBF” Bankman-Fried, who is currently serving a 25-year sentence after being convicted on seven felony counts, is set to move forward with the appeals process as a hearing has been scheduled for November.
The US Court of Appeals for the Second Circuit has announced that Bankman-Fried’s appeals case will be heard on Nov. 4. This marks a significant development in the former CEO’s criminal case since his transfer from a New York City facility to one in California earlier this year.
Bankman-Fried’s legal team filed a notice of appeal in April 2024 following his 2023 conviction and sentencing. In their appeal filed in September 2024, they argued that the former CEO was never given the presumption of innocence and claimed that prosecutors presented a false narrative regarding FTX user funds being permanently lost.
The case against Bankman-Fried included some of the most serious criminal charges against a prominent figure in the cryptocurrency industry. If the appellate court decides to reverse the lower court ruling, it could potentially lead to a new trial or sentencing hearing for SBF.
FTX, a cryptocurrency exchange with many employees based in the Bahamas, faced financial difficulties and filed for bankruptcy in November 2022. Following its collapse, several executives, including Bankman-Fried, faced criminal charges. However, SBF was the only one to maintain a not guilty plea, leading to a highly publicized trial in New York.
Despite initially being allowed to stay at his parents’ home in California after being extradited from the Bahamas, Bankman-Fried’s bail was revoked in August 2023 due to evidence suggesting he attempted to intimidate witnesses in his case. Since March, he has been held at the Federal Correctional Institution at Terminal Island in California, with an expected release date of Oct. 25, 2044.
Another criminal case related to FTX is still pending in court following Bankman-Fried’s trial and sentencing. The US District Court for the Southern District of New York held sentencing hearings for four of SBF’s associates, including former Alameda Research CEO Caroline Ellison, former FTX Digital Markets co-CEO Ryan Salame, FTX co-founder Gary Wang, and former FTX engineering director Nishad Singh.
Ellison, who pleaded guilty and testified at Bankman-Fried’s trial, was sentenced to two years in prison and is expected to be released in March 2026. Wang and Singh, who also testified, were both sentenced to time served. Salame, on the other hand, initially pleaded guilty in 2023 but later sought to vacate his plea. He was ultimately sentenced to over seven years in prison and reported to serve his sentence in October 2024.
There have been rumors circulating about Bankman-Fried potentially seeking a pardon from US President Donald Trump. In a recent interview, he hinted at aligning more closely with Republicans and right-leaning politicians. However, it remains uncertain whether Trump would consider granting a pardon to SBF, given the public scrutiny surrounding his case. Trump previously pardoned Silk Road founder Ross Ulbricht shortly after taking office earlier this year.
As Bankman-Fried continues to navigate the appeals process and potential presidential pardon considerations, the cryptocurrency community remains closely following his case and its implications on the industry.