Sam Bankman-Fried Loses Appeal, 25-Year Sentence Upheld

A federal appeals court upheld Sam Bankman-Fried's fraud conviction and 25-year sentence, closing one of his last legal paths to freedom. The court ruled the case against the FTX founder was "conservatively stated, robust."

• A three-judge panel of the 2nd U.S. Circuit Court of Appeals rejected all arguments from Bankman-Fried's legal team on June 12.
• The court ruled that trial evidence was sound and the government's case was 'overwhelming,' rejecting claims that Judge Kaplan barred a fair defense.
• Bankman-Fried's remaining options narrow to a habeas corpus petition; a clemency request to President Trump appears unlikely to succeed.
• FTX collapsed in November 2022 after an $8 billion hole was exposed; three former deputies testified against Bankman-Fried.
• The court ordered $11 billion in forfeiture; former Alameda CEO Caroline Ellison served 14 months and was released in January 2026.

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