Sam Bankman-Fried is back in the spotlight as fresh activity around his high profile case sparks renewed discussion in the crypto community. The recent developments have reignited a debate over his role in one of the biggest financial scandals in crypto history.
According to a report from Reuters, lawyers for Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange are set to urge the federal appeals court on November 4, to overturn his conviction.
In 2023, a federal jury in Manhattan found Bankman-Fried guilty on seven criminal charges, concluding that he had stolen about $8 billion from FTX customers. Although SBF admitted to making mistakes while running FTX, he has denied stealing customers’ funds.
His lawyers are set to argue before the 2nd U.S. Circuit Court of Appeals that SBF did not receive a fair trial. They claim that the judge wrongly blocked evidence that could have supported Bankman-Fried’s belief that FTX still had enough money to cover customer withdrawals.
However, prosecutors argued that the trial evidence, including testimony from three cooperating witnesses and internal FTX documents, clearly proved that he was guilty. He was found guilty on seven counts of fraud and conspiracy in November 2023.
Just recently, an account linked to Sam Bankman-Fried shared a 14-page document on X claiming that FTX was never truly bankrupt. The document argues the exchange suffered only a temporary liquidity crisis and blames FTX’s external lawyers for taking control and forcing bankruptcy. “FTX was never bankrupt, even when its lawyers placed it into bankruptcy,” it said.
It also claimed that when FTX filed for bankruptcy in 2022, it still had enough assets including billions in cryptocurrency and major investments in companies.
SBF’s inner circle has been reaching out to President Trump, hoping to secure a presidential pardon. This comes after he granted pardons to Silk Road founder Ross Ulbricht and Binance’s Changpeng Zhao. However, Trump has not publicly commented on whether he is considering the request.
Bankman-Fried is currently serving his 25-year prison sentence and is expected to be released in 2044.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Bitcoin (BTC) has teased the potential onset of its bear market after dropping to a…
Ripple Swell 2025 is underway in New York City, bringing together global financial leaders, blockchain…
UBS has announced the successful completion of the world’s first in-production, end-to-end tokenized fund transaction…
AAVE price prediction 2025 turns increasingly optimistic as the protocol continues to strengthen its fundamentals…
The hunt for the next 100x return in crypto is leading investors to the presale…
As of October 30, Shiba Inu (SHIB) trades at $0.000018 and the year has been…
