US appeals court upholds Sam Bankman-Fried’s 25-year sentence for FTX fraud

A US federal appeals court has upheld the fraud conviction of Sam Bankman-Fried, rejecting the FTX founder’s latest attempt to overturn his sentence. The three-judge panel dismissed the appeal, with Judge Barrington Parker writing that the government’s evidence against Bankman-Fried was, conservatively stated, robust.

Bankman-Fried, who was sentenced to 25 years in prison in 2024, was found guilty on all seven charges brought against him, including fraud and money laundering. The conviction marks the culmination of one of the largest financial frauds in history, involving the collapse of his cryptocurrency exchange, FTX.

Despite the denial, Bankman-Fried retains several avenues for further legal action. He maintains the option to appeal the decision to the Supreme Court. Concurrently, he is seeking a retrial on the grounds that new witness testimony could alter the case presented by prosecutors. He has also requested permission to represent himself in such a retrial, a move considered highly unlikely to be granted by the courts.

In a parallel effort, Bankman-Fried has applied for a presidential pardon from Donald Trump. The application is currently listed as pending on the Department of Justice’s website. Although President Trump previously suggested he would not grant a pardon, he was reportedly reminded of Bankman-Fried’s identity at the time. The White House has been described as generous with pardons in the cryptocurrency sector.

The context of the pardon request is complicated by the Trump family’s own financial interests. The Trump family operates a crypto business that has reportedly netted over $2 billion since Donald Trump took office in 2025. Meanwhile, President Trump faces multiple legal challenges, including a fraud liability in a New York court, a federal indictment for conspiracy to defraud the United States, and a conviction of his organisation for criminal tax fraud and falsifying business records.