Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, will soon face the next phase of his legal battle.
The US Court of Appeals for the Second Circuit has confirmed that oral arguments in his appeal will take place on November 4, 2025. This marks the first major update since his transfer in March from a New York facility to a federal prison in California.
Conviction and Sentencing
Bankman-Fried was convicted in 2023 on seven felony charges, including fraud and conspiracy.
In March 2024, he was sentenced to 25 years in prison. His lawyers quickly appealed, arguing that the trial was unfair. They claimed he was never presumed innocent and that prosecutors wrongly portrayed FTX customer funds as permanently lost.
What the Appeal Could Mean
If the appellate judges rule in his favor, Bankman-Fried could receive a new trial or a reduced sentence. Such a decision could significantly improve his future.
Until then, he remains at Terminal Island prison in California, where records show his release is scheduled for October 25, 2044.
FTX’s Collapse and Fallout
The collapse of FTX in November 2022 sent shockwaves through global markets. Once one of the world’s biggest crypto exchanges, FTX crumbled after severe liquidity problems surfaced.
The company’s bankruptcy and the ensuing investigations led to multiple criminal charges against its leadership.
Associates Face Sentences
Several former FTX executives have already been sentenced. Caroline Ellison, former CEO of Alameda Research and one-time partner of Bankman-Fried, was sentenced to two years in prison and is expected to be released in 2026.
Gary Wang, FTX’s co-founder, and Nishad Singh, its engineering director, were given time served after cooperating with prosecutors.
Ryan Salame, another top executive, was sentenced to over seven years and began serving in October 2024. His partner, Michelle Bond, still faces unresolved charges.
Talk of a Presidential Pardon
Adding a political twist, speculation has grown around the possibility of a presidential pardon. Reports suggest that Bankman-Fried may attempt to seek clemency from President Donald Trump, who returned to office in January.
Earlier this year, Trump granted clemency to Ross Ulbricht, founder of the Silk Road online marketplace, drawing comparisons to the current situation. However, whether Trump would extend the same favor to Bankman-Fried remains unclear.
As the appeal date approaches, the case continues to attract global attention. The outcome could reshape the future of crypto-related prosecutions and determine whether one of the industry’s most controversial figures remains behind bars for the next two decades—or gets another chance in court.
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