Key facts
- The U.S. Court of Appeals for the Second Circuit upheld Sam Bankman-Fried's conviction.
- The court upheld Sam Bankman-Fried's 25-year sentence.
- The court rejected Bankman-Fried's claims that investors did not suffer losses.
- The court affirmed a New York court's $11 billion forfeiture order.
- Sam Bankman-Fried was convicted in November 2023.
- Bankman-Fried was convicted on charges including fraud and conspiracy.
- Bankman-Fried's legal team sought to overturn the conviction.
The U.S. Court of Appeals for the Second Circuit has formally upheld the conviction and 25-year sentence of former FTX CEO Sam Bankman-Fried. The appellate court rejected Bankman-Fried's arguments that investors in his cryptocurrency exchange FTX did not suffer financial losses. This decision affirms a New York court's previous order for $11 billion in forfeiture. Bankman-Fried was convicted in November 2023 on multiple counts of fraud and conspiracy related to the collapse of FTX. His legal team had appealed the conviction, contending that the exchange's failure did not result in financial harm to investors. The appellate court's ruling means Bankman-Fried will continue serving his 25-year prison sentence. The forfeiture order also stands, requiring the return of assets deemed to be proceeds of his criminal activity. The case has been closely watched as a significant development in the regulation and prosecution of cryptocurrency-related crimes.