Sam Bankman-Fried, the ex-CEO of the collapsed cryptocurrency exchange FTX, has officially filed an appeal against his conviction on seven felony charges and his 25-year prison sentence. His legal team submitted a 102-page brief to the United States Court of Appeals for the Second Circuit, claiming that the former CEO was denied a fair trial due to prejudices that influenced the jury, the presiding judge, and the media.
Bankman-Fried’s lawyers argue that the jury was presented with a “false narrative” by the prosecutors, who alleged that FTX user funds were permanently lost and that Bankman-Fried had deliberately caused this loss. The appeal also suggests that the FTX debtors’ legal counsel acted as an “arm of the prosecution,” providing information that unfairly biased the case.
The appeal claims that the prevailing narrative — that Bankman-Fried stole billions in customer funds and drove FTX into insolvency — was based on misinformation. According to the legal team, FTX had assets worth billions to repay its customers, but this information was not presented to the jury. They are now seeking a new trial with a different judge, arguing that the original proceedings were flawed.
Bankman-Fried, once a key figure in the crypto industry, was arrested after FTX collapsed in November 2022 due to a liquidity crisis. Authorities found that he had allegedly directed FTX’s sister firm, Alameda Research, to use exchange funds for investments, leading to his extradition from the Bahamas to the US.
Convicted on multiple charges, including wire fraud and money laundering conspiracy, Bankman-Fried’s request for a new trial could alter the course of his legal battle. Meanwhile, other key FTX figures, including former Alameda CEO Caroline Ellison, are awaiting their sentencing in the coming months. The appeals court’s decision remains uncertain, potentially setting the stage for a significant legal showdown.