- FTX co-founder Sam Bankman-Fried will appeal his conviction and 25-year prison sentence for fraud
- Bankman-Fried filed a notice of appeal in federal court in Manhattan on Thursday
- A jury had convicted the 32-year-old of fraud following a high-profile trial in late 2023
Sam Bankman-Fried, the co-founder of the now-defunct cryptocurrency exchange FTX, has filed a notice to appeal his conviction and 25-year prison sentence for fraud. The 32-year-old was found guilty by a jury in late 2023 and sentenced in early 2024 for defrauding investors out of billions of dollars.
Background on the FTX Collapse
FTX was once one of the largest crypto exchanges, valued at $32 billion at its peak. However, it collapsed in November 2022 after a liquidity crunch prompted mass withdrawals. It was revealed that FTX had misused customer funds, and the company filed for bankruptcy.
Bankman-Fried’s Fraud Trial and Conviction
Bankman-Fried was arrested in December 2022 and charged with eight counts of fraud and conspiracy. Prosecutors accused him of misappropriating customer deposits to make lavish real estate purchases, donate millions to politicians, and make risky trades at Alameda Research, his crypto hedge fund.
After a high-profile trial, a jury convicted Bankman-Fried on all counts in late 2023. He faced up to 115 years in prison.
Sentencing and Notice of Appeal
In early 2024, Judge Lewis A. Kaplan sentenced Bankman-Fried to 25 years in prison, rejecting pleas for leniency. The judge stated that Bankman-Fried showed no true remorse for his crimes.
Just weeks later, Bankman-Fried formally submitted notice to appeal his conviction and sentence in federal court. The appeal process could take months or even years to resolve.
