Sam Bankman-Fried, the former CEO of collapsed crypto exchange FTX, will face the next stage in his appeal case this November. Bankman-Fried, who is serving a 25-year sentence for seven felony convictions, is scheduled for a hearing at the US Court of Appeals for the Second Circuit on 4 November 2025.
This marks the first major development in his case since his transfer in March from a New York facility to the Federal Correctional Institution at Terminal Island in California. His current release date is listed as 25 October 2044.
Claims of Unfair Trial
Bankman-Fried’s legal team filed an appeal in April 2024, arguing that the trial leading to his conviction was unfair. In their September filing, they claimed he was “never presumed innocent” and that prosecutors misrepresented FTX customer funds as permanently lost.
If the appellate court rules in his favour, it could result in either a new trial or a new sentencing hearing.
High-Profile Collapse
FTX’s sudden downfall in November 2022 shook the crypto industry. The exchange, largely operated out of the Bahamas, filed for bankruptcy after severe liquidity issues. Several top executives faced criminal charges. Unlike his colleagues, Bankman-Fried pleaded not guilty, leading to a widely followed trial in New York.
Initially, he was allowed to stay at his parents’ home in California after his extradition from the Bahamas. However, in August 2023, his bail was revoked after a judge ruled he had tried to intimidate witnesses.
Sentencing of Associates
While Bankman-Fried continues to fight his conviction, his close associates have already faced sentencing.
- Caroline Ellison, former Alameda Research CEO and SBF’s ex-partner, was sentenced to two years in prison in September 2024. She is expected to be released in March 2026.
- Gary Wang (FTX co-founder) and Nishad Singh (former engineering director) were sentenced to time served after cooperating with prosecutors.
- Ryan Salame, former co-CEO of FTX Digital Markets, was sentenced to over seven years in prison in October 2024. His case became more complex after he tried to withdraw his guilty plea in response to prosecutors targeting his partner, Michelle Bond, whose case is still pending.
What Comes Next
The November hearing will be closely watched as it could reshape the outcome of one of the most high-profile cryptocurrency fraud cases to date. For now, Bankman-Fried remains in federal custody in California, awaiting his chance to challenge the conviction that defined the fall of FTX.
