Sam Bankman-Fried appeals conviction, hopes for new trial or pardon
Former FTX CEO Sam Bankman-Fried, who is serving a 25-year federal prison sentence, plans to seek a new trial to prove his innocence — or possibly secure a presidential pardon.
As the head of FTX, Bankman-Fried donated millions of dollars to public figures and research institutions, making his appeal bid a major topic of public interest in the U.S.
On Tuesday, the U.S. Court of Appeals for the Second Circuit will hear oral arguments from SBF’s legal team. Although details of the appeal remain unclear, Cointelegraph reports that his defense will argue that the presumption of innocence was violated during the original trial, as Bankman-Fried was not allowed to present evidence of FTX’s solvency.
According to his lawyers, the dominant narrative — widely promoted by U.S. prosecutors — that Bankman-Fried stole billions in customer funds and drove FTX into bankruptcy was never properly challenged.
“Now, nearly two years later, an entirely different picture is emerging — one showing that FTX was never insolvent and in fact held billions in assets to repay clients. However, the jury in Bankman-Fried’s trial never saw that picture,” the defense statement reads.
Backup plan: Seeking a pardon
After FTX’s collapse in November 2022, U.S. authorities extradited Bankman-Fried from the Bahamas and charged him with money laundering and fraud. In November 2023, a jury found him guilty on seven felony counts, and in March 2024, he was sentenced to 25 years in prison.
SBF now faces about 19 more years behind bars, but his legal team hopes for a sentence reduction — or even a presidential pardon, citing precedents like Silk Road founder Ross Ulbricht and Binance founder Changpeng Zhao.
Reports suggest that after his sentencing, Bankman-Fried began reaching out to Republican circles and right-wing politicians, possibly seeking to attract the attention of U.S. President Donald Trump in hopes of eventual clemency.
As we wrote, SBF says FTX had $8B left, blames lawyers for bankruptcy chaos
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