Nikolas Sargeant
Former FTX CEO Sam Bankman-Fried will face a crucial moment in his legal battle when the US Court of Appeals for the Second Circuit hears arguments for his criminal appeal on November 4. The hearing represents the first major development in his case since he was transferred from a New York facility to a California prison in March, where he is currently serving a 25-year sentence for seven felony fraud convictions.
Bankman-Fried's legal team filed the appeal in April 2024, arguing that their client "was never presumed innocent" during his original trial and claiming prosecutors presented a false narrative about FTX user funds being permanently lost. The defense maintains that the former crypto executive did not receive a fair trial, setting the stage for what could potentially result in a new trial or resentencing if the appellate court rules in his favor.
The November hearing comes as several of Bankman-Fried's former associates have already been sentenced for their roles in the FTX collapse. Caroline Ellison, his ex-girlfriend and former Alameda Research CEO, received a two-year sentence, while Gary Wang and Nishad Singh were sentenced to time served. Ryan Salame received more than seven years in prison and reported to serve his sentence in October 2024. Meanwhile, the bankrupt FTX exchange continues its creditor repayment process, with the next major distribution scheduled for September 2025 following court approval to reduce disputed claims reserves by $1.9 billion.
Adding another layer to the legal drama, reports suggest that Bankman-Fried may be seeking a presidential pardon from Donald Trump, despite his pending appeal. The former FTX CEO has reportedly signaled a willingness to align more closely with Republican politicians, though it remains unclear whether such a pardon would be considered given the high-profile nature of his fraud conviction and the significant public attention surrounding the case.
