A U.S. court has scheduled the hearing for Sam Bankman-Fried’s appeal, the former CEO of the cryptocurrency exchange FTX, for November 4, 2025. This will mark the first significant milestone in the case since his transfer from a New York prison to the federal facility Terminal Island in California in April of last year.
This is reported by Business • Media
Attempt to Challenge the 25-Year Sentence in the FTX Case
Bankman-Fried, known as SBF, is serving a 25-year prison sentence after being convicted in 2023 on seven counts of fraud and conspiracy. His lawyers filed an appeal back in April 2024. In September of the same year, they emphasized that during the trial, Bankman-Fried was “never considered innocent,” and prosecutors allegedly created a “false narrative” about the loss of FTX users’ funds.
“During the trial, the former head of the collapsed FTX exchange was never considered innocent, and prosecutors allegedly presented a false narrative about the irreversible loss of the exchange’s users’ funds.”
If the appeals court rules in favor of Bankman-Fried and overturns the verdict, it could lead to a new trial or a reconsideration of the sentencing.
The Impact of the FTX Case on Market Participants and Prospects for Clemency
It is worth noting that FTX declared bankruptcy in November 2022, following a severe liquidity crisis. Several top executives of the company faced criminal charges. Bankman-Fried has refused to plead guilty, and his trial in New York became one of the largest in the cryptocurrency sector.
After being extradited from the Bahamas, the court allowed Bankman-Fried to remain under house arrest at his parents’ home in California, but this decision was revoked in August 2023 due to evidence of attempts to pressure witnesses. According to the Federal Bureau of Prisons, SBF’s estimated release date is set for December 14, 2044.
The legal proceedings have also affected close associates of SBF. Former CEO of Alameda Research Caroline Ellison received a two-year prison sentence, with her release expected in March 2026. FTX co-founder Gary Wang and former development director Nishad Singh have already served their sentences. Meanwhile, former co-head of FTX Digital Markets Ryan Salame was sentenced to over seven years and began serving his sentence in October 2024.
Despite the ongoing appeal process, media speculation circulates regarding the possibility of presidential clemency for Bankman-Fried. It is known that he seeks to establish connections with the Republican Party. In February 2025, he publicly expressed his willingness to associate himself with the conservative political wing. However, it remains unclear whether U.S. President Donald Trump will consider the issue of potential clemency. Earlier, at the beginning of his term, Trump pardoned Silk Road founder Ross Ulbricht, who was sentenced to life in prison.