Sam Bankman-Fried, the former CEO of FTX, is taking the next step in his legal battle. He will have an appeal hearing on November 4. He is trying to overturn his conviction and 25-year prison sentence.
Bankman-Fried was found guilty of seven felony charges in November 2023. This came after a major trial in New York. He was sentenced in March 2024 and sent to a prison in California.
His lawyers say the trial was not fair. They claim prosecutors gave a false story about the loss of FTX customer money. They also argue that the court treated Bankman-Fried as guilty from the beginning.
Bankman-Fried’s legal team is also challenging his 25-year sentence. They say other FTX executives who pleaded guilty got lighter punishments.
The appeals court has a few choices. It could order a new trial or a shorter sentence for Bankman-Fried. It could also keep the current ruling in place. If he wins, he could get a new trial or less prison time. If he loses, he will stay in prison. His expected release date is October 25, 2044.
The FTX collapse happened in November 2022. It led to billions of dollars in losses for customers. Bankman-Fried was initially out on bail but was sent to jail in August 2023. This was after a judge heard he tried to intimidate witnesses.
The case is important because it shows how the justice system is handling financial crimes in the crypto world.
