Nearly two years after the dramatic collapse of FTX and his 25-year prison sentence, Sam Bankman-Fried (SBF) is heading back to court. On November 4, the U.S. Court of Appeals for the Second Circuit will hear his case, marking a crucial moment for one of crypto’s most infamous figures.
From Conviction to Appeal
In 2023, SBF was convicted on seven felony counts, including fraud and conspiracy, following a high-profile trial that gripped Wall Street and Main Street alike. His legal team filed an appeal in September 2024, claiming he was “never presumed innocent” and that prosecutors pushed a “false narrative” about customer funds being gone forever.
If the appeals court rules in his favor, SBF could face a new trial or reduced sentencing. Still, with heavy testimony from former insiders, overturning the conviction won’t be easy.
The FTX Collapse and Fallout
The FTX collapse in late 2022 remains one of crypto’s biggest scandals. Once worth billions, the exchange crumbled under liquidity pressures, leaving millions of users stranded.
Several top executives, including Caroline Ellison, Gary Wang, and Nishad Singh, took plea deals and cooperated with prosecutors. Their outcomes were lighter; Ellison got just two years, Wang and Singh avoided more prison time, while Ryan Salame received over seven years. SBF, however, got the toughest penalty: 25 years behind bars, with a projected release in 2044.
SBF in Prison and Pardon Rumors
Since March 2025, Sam Bankman-Fried has been serving time at Terminal Island Federal Prison in California. Despite his confinement, speculation swirls outside.
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Some reports suggest SBF may seek a presidential pardon from Donald Trump, who previously granted clemency to Silk Road founder Ross Ulbricht. In a March 5 interview with Tucker Carlson, SBF reflected on prison life and U.S. crypto policy. While he didn’t directly ask for a pardon, he hinted at being more open to Republican ideas fueling further speculation.
November 4 Hearing: A Defining Moment
The upcoming hearing will be closely watched by both the crypto industry and the wider financial world. While his chances of success are slim, the appeal, combined with whispers of political intervention, keeps the spotlight on SBF.
For many, this case isn’t just about one fallen mogul. It’s about accountability in digital finance and whether a figure like Sam Bankman-Fried can ever stage a comeback.
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