A federal appeals court, the U.S. Court of Appeals for the Second Circuit in Manhattan, has upheld the conviction of Sam Bankman-Fried, the founder of the now-defunct FTX cryptocurrency exchange.

 

Following his conviction on March 28, 2024, Bankman-Fried’s lawyers filed a direct appeal with the U.S. Court of Appeals on April 11, 2024. His legal team argued that the trial was unfair, citing alleged judicial bias by Judge Lewis Kaplan, disputed jury instructions, and other procedural issues.

 

Through the appeal filing, Bankman-Fried’s legal team sought to overturn the conviction and secure a new trial before a different judge. However, the appeals court rejected the request, stating that there was “robust” evidence supporting the conviction.

 

“The overwhelming evidence presented at trial proved that Bankman-Fried knowingly and intentionally committed large-scale fraud against FTX’s customers,” Judge Barrington Parker wrote.

 

“While he was publicly reassuring customers, investors, and regulators that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, political contributions, and investments.”

 

Following the decision, Bankman-Fried’s legal team has the option of requesting an en banc review, in which all active judges on the Second Circuit would rehear the case. This request must typically be filed within 14 days, although the exact deadline depends on the court’s rules. If the review is denied, his lawyers could petition the U.S. Supreme Court to consider the case.

 

The appeals court’s rejection of Bankman-Fried’s retrial bid comes shortly after he reportedly filed for a presidential pardon from former President Donald Trump. The request does not seek to shorten or reduce his sentence, but instead aims to restore certain civil rights associated with a felony conviction.

 

Before the appeals court ruling, Bankman-Fried had filed a request for a new trial in February, arguing that there was newly discovered evidence. However, the request was denied by Judge Lewis Kaplan on April 28, 2026.

 

The former founder of what was once the world’s largest cryptocurrency exchange is currently serving a 25-year sentence after being convicted on multiple charges, including conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering.