Former FTX CEO Sam "SBF" Bankman-Fried has been sentenced to 25 years in prison for seven felony counts and is currently serving his sentence. He will advance the next steps of his appeal process at a hearing scheduled for November.
According to a notice released by the U.S. Court of Appeals for the Second Circuit on Wednesday, Bankman-Fried's appeal case has been scheduled for oral arguments on November 4. This court proceeding will mark the first significant progress in the former CEO's criminal case since it was transferred from a New York City jail to a California prison in March.
The hearing in the Second Circuit has been anticipated since Bankman-Fried's lawyers filed a notice of appeal in April 2024 regarding his 2023 conviction and 25-year sentence. In the appeal submitted by Bankman-Fried's legal team in September 2024, they argued that the former CEO "was never presumed innocent" and claimed that prosecutors presented a "false narrative" regarding the permanent loss of FTX user funds.
Bankman-Fried's case includes some of the most significant criminal charges against a prominent figure in the cryptocurrency space at the time. If the appeals court overturns the lower court's ruling, it could mean that SBF will face a new trial or sentencing hearing.
Many employees of FTX were in the Bahamas when the exchange faced severe liquidity issues and filed for bankruptcy in November 2022. Several executives of the exchange were criminally charged after its collapse, but Bankman-Fried is the only one to plead not guilty, leading to a highly publicized trial in New York.
Although he was initially allowed to stay at his parents' home in California after being extradited from the Bahamas, a judge revoked SBF's bail in August 2023 after hearing evidence indicating he attempted to intimidate witnesses in the case.
Since March, Bankman-Fried has been held at the federal correctional institution on Terminal Island in California. According to records from the Federal Bureau of Prisons, his expected release date is October 25, 2044.
Following Bankman-Fried's trial and sentencing, the U.S. District Court for the Southern District of New York held sentencing hearings for four of SBF's associates: former Alameda Research CEO Caroline Ellison (who is also SBF's ex-girlfriend), former FTX Digital Markets co-CEO Ryan Salame, FTX co-founder Gary Wang, and former FTX engineering director Nishad Singh.
Ellison pleaded guilty and testified at Bankman-Fried's trial, receiving a two-year prison sentence in September 2024. She is expected to be released in March 2026. Wang and Singh, who also testified, were sentenced to time served.
However, Salame initially pleaded guilty in 2023 but later attempted to withdraw his plea in response to charges brought against his partner, Michelle Bond. He ultimately received a sentence of over seven years and began serving his sentence in October 2024. As of the time of writing, Bond's case is still ongoing.
Reports suggest that despite progress in the appeals court, Bankman-Fried may also seek a pardon from U.S. President Trump. In an interview released in February, he expressed a willingness to align more closely with Republicans and right-leaning politicians rather than Democrats.
Given the public attention surrounding his case, it remains unclear whether Trump would consider pardoning Bankman-Fried. Shortly after taking office in January, Trump pardoned Silk Road founder Ross Ulbricht, who had been sentenced to life in prison.
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Original: “U.S. Court to Hear Sam Bankman-Fried Appeal on November 4”
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