US Appeals Court to Hear Sam Bankman-Fried’s Case on November 4

Sam Bankman-Fried’s Appeal Hearing Scheduled for November 4

Former FTX CEO Sam Bankman-Fried, currently serving a 25-year sentence after his 2023 conviction on seven felony charges, will face a significant legal milestone on November 4. The US Court of Appeals for the Second Circuit has scheduled arguments for that date, marking the first major procedural advance since his transfer earlier this year from a New York detention facility to one in California.

Background and Legal Arguments

Bankman-Fried’s appeal was initiated in April 2024 following his conviction and lengthy sentence. In their September 2024 filing, his defense team contended that he was never afforded the presumption of innocence and accused prosecutors of advancing a “false narrative” that FTX customer funds were permanently lost. The case represents one of the most prominent criminal prosecutions involving a high-profile figure in the cryptocurrency industry.

Should the appellate court overturn the lower court’s decision, Bankman-Fried could be granted a new trial or a revised sentencing hearing, though the outcome remains uncertain.

FTX Collapse and Related Proceedings

FTX, once a leading cryptocurrency exchange with a significant workforce in the Bahamas, collapsed amid liquidity crises, filing for bankruptcy in November 2022. Several top executives faced criminal charges; however, Bankman-Fried was unique in maintaining a not guilty plea, leading to his high-profile trial in New York.

Following his extradition from the Bahamas, Bankman-Fried was initially released to his parents’ home in California but had bail revoked in August 2023 after allegations surfaced that he attempted to intimidate witnesses.

Since March 2024, he has been held at the Federal Correctional Institution at Terminal Island, California, with a projected release date in October 2044, according to the US Bureau of Prisons.

Sentencing of Associates and Remaining Cases

After Bankman-Fried’s trial, sentencing proceedings continued for four of his associates, including former Alameda Research CEO Caroline Ellison, who received a two-year prison term and is expected to be released in March 2026. Other associates, including Gary Wang and Nishad Singh, were sentenced to time served. Ryan Salame, after attempting to withdraw his guilty plea amid related charges against his partner, was sentenced to over seven years and began serving his sentence in October 2024. Michelle Bond’s case remains active.

Speculation on Presidential Pardon

There have been unconfirmed reports suggesting Bankman-Fried might seek a presidential pardon from former President Donald Trump. In a February interview, Bankman-Fried indicated a political realignment toward Republican and right-leaning figures. Whether Trump would consider such a pardon is uncertain, though he previously pardoned Ross Ulbricht, founder of Silk Road, early in his administration.