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Almost two years after Sam Bankman-Fried received a 25-year prison sentence, his lawyers are preparing for their first major chance to challenge the ruling. The US Court of Appeals for the Second Circuit has scheduled arguments in his case for November 4, giving the former FTX CEO a new opportunity to contest his conviction.
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Bankman-Fried’s legal team filed notice of appeal in April 2024, months after his 2023 conviction. In September 2024, his lawyers argued that he was “never presumed innocent” and accused prosecutors of framing a “false narrative” that FTX customer funds were permanently lost.
The November hearing marks the first significant development since March, when Bankman-Fried was transferred from a New York facility to the Federal Correctional Institution at Terminal Island in California.
FTX collapsed in November 2022 after a liquidity crisis revealed massive shortfalls in customer funds. The exchange, headquartered largely in the Bahamas, filed for bankruptcy, and several executives faced criminal charges. Bankman-Fried was the only senior leader to plead not guilty, which set the stage for his high-profile trial in New York.
Initially released to his parents’ home in California, Bankman-Fried had his bail revoked in August 2023 after the court found evidence suggesting he attempted to intimidate witnesses. His prison term began shortly after his conviction.
If the appellate court sides with Bankman-Fried, the decision could lead to a new trial or a re-sentencing. If the appeal fails, his 25-year sentence will remain in place, with his release date currently listed as October 25, 2044.
There are also still rumors about a potential presidential pardon, although it has been quiet for months on that front.