Attorneys representing Sam “SBF” Bankman-Fried have submitted the necessary documents to challenge the conviction and sentencing of the former CEO of FTX. In a notice filed on April 11 in the United States District Court for the Southern District of New York, lawyer Alexandra Shapiro indicated that Bankman-Fried intends to appeal his conviction on seven felony charges and the 25-year prison sentence imposed by Judge Lewis Kaplan. The appeal was expected as Bankman-Fried’s lawyers had expressed their intention to appeal during the March 28 sentencing hearing.
The filing comes two weeks after Bankman-Fried’s sentencing, during which Judge Kaplan also ordered the forfeiture of $11 billion. On April 8, Bankman-Fried’s lawyers requested that he be allowed to remain at the Metropolitan Detention Center in Brooklyn for the duration of the appeal, rather than being transferred to a federal prison in the San Francisco Bay Area.
The case against Bankman-Fried and his associates began in November 2022 when FTX, a cryptocurrency exchange, encountered liquidity problems and filed for bankruptcy. Bankman-Fried was arrested in the Bahamas, where the company’s offices were located at the time, and was later extradited to the U.S. to face charges of fraud. In November 2023, he was convicted by a jury on seven felony counts.
Opinions among affected cryptocurrency users regarding Judge Kaplan’s sentencing are divided. Some argue that a 25-year sentence is inadequate given the harm caused to thousands of FTX customers by Bankman-Fried, while others believe that the prison term may serve as an effective deterrent for individuals in the industry.
Bankman-Fried’s appeal will likely be referred to the Second Circuit Court of Appeals, where a panel of judges will decide whether to uphold the conviction or overturn it, potentially leading to a new trial. The filing made by Shapiro does not indicate the specific grounds on which Bankman-Fried will seek an appeal.
Sentencing proceedings against Bankman-Fried’s associates at FTX and Alameda Research, including Ryan Salame, Caroline Ellison, Gary Wang, and Nishad Singh, are progressing. Salame’s sentencing is scheduled for May 28. All four individuals pleaded guilty and reached agreements prior to Bankman-Fried’s trial.
According to Inner City Press and X Hall of Flame, it is anticipated that Bankman-Fried may receive a shorter prison term compared to “less flashy” Alex Mashinsky.