Overview
- A three‑judge panel of the U.S. Court of Appeals for the Second Circuit unanimously affirmed on Friday that Sam Bankman‑Fried’s 2023 fraud conviction and 25‑year sentence must stand.
- The court said the government’s case was “robust” and rejected defense claims that excluded evidence would have shown FTX could repay customers or that the trial was unfair.
- Prosecutors relied on testimony from three cooperating former executives and court findings that roughly $8 billion in customer funds were diverted to Alameda Research and for personal and political spending.
- With the panel decision affirmed, Bankman‑Fried’s practical options now are asking the full Second Circuit to rehear the case, petitioning the U.S. Supreme Court, seeking habeas relief, or pursuing a presidential pardon.
- The ruling strengthens criminal accountability for crypto custodial failures and is likely to influence enforcement and industry practices as FTX victims and regulators continue recovery and oversight efforts.