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06/13/2026

Sam Bankman-Fried Loses Appeal; 25-Year Fraud Conviction Upheld

What happened: The US Court of Appeals for the Second Circuit upheld Sam Bankman-Fried’s 2023 fraud conviction and 25-year sentence related to the misuse of approximately $8 billion in FTX customer fu

Sam Bankman-Fried Loses Appeal; 25-Year Fraud Conviction Upheld

What happened: The US Court of Appeals for the Second Circuit upheld Sam Bankman-Fried’s 2023 fraud conviction and 25-year sentence related to the misuse of approximately $8 billion in FTX customer funds. The court rejected claims of judicial bias and improper evidentiary rulings, describing the government’s case as "robust." SBF has now formally applied for a presidential pardon from President Trump.

Why it matters: The ruling closes a major chapter in the FTX saga, affirming the legal system’s stance on crypto-related fraud. With few legal avenues remaining, SBF’s prospects for clemency appear slim, especially as industry figures lobby against a pardon. The decision reinforces regulatory and judicial scrutiny on crypto executives and may shape future enforcement actions.

Source: Decrypt