Sam Bankman-Fried’s Conviction Upheld by Appeals Court

A federal appeals court has affirmed the conviction of Sam Bankman-Fried, co-founder of FTX, a prominent figure in the cryptocurrency sector. The court found no unfairness in the trial process, leading to his 25-year prison sentence.

The 2nd U.S. Circuit Court of Appeals in Manhattan declared that the evidence presented by the government was substantial. A jury determined that Bankman-Fried deceived both customers and investors, resulting in billions of dollars in losses during his time at FTX, formerly the second-largest cryptocurrency exchange worldwide.

The court documented how Bankman-Fried misled FTX customers and simultaneously redirected billions of dollars for personal gain, all while falsifying business records to mask these transactions. The appeals court noted, “While he was publicly reassuring customers, investors, and regulators that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, political contributions, and investments.”

After hearing arguments in November 2025, the 2nd Circuit dismissed claims from the defense that the trial was compromised by judicial decisions that restricted potential evidence. Judge Barrington D. Parker articulated the opinion for the three-judge panel.

Bankman-Fried, 34, was found guilty of fraud and conspiracy in 2023. His career was marked by a rapid ascent and subsequent decline within the cryptocurrency world. FTX, once a major player, even advertised in the Super Bowl. Bankman-Fried testified before Congress and received endorsements from celebrities like quarterback Tom Brady, basketball star Stephen Curry, and comedian Larry David.

FTX collapsed in November 2022, resulting in over $11 billion in losses for customers, investors, and lenders. During sentencing, Judge Lewis A. Kaplan criticized Bankman-Fried for perjury during his testimony, which he described as evasive and disingenuous. The judge noted the vast financial losses: approximately $8 billion for customers, $1.7 billion for investors, and $1.3 billion for lenders.

Bankman-Fried’s lawyer and a prosecutor’s spokesperson declined to comment.