Sam Bankman-Fried’s legal team has filed an appeal against the verdict in the case concerning the collapse of the cryptocurrency exchange FTX, claiming that the trial was conducted with violations and under public pressure.
This is reported by Finway
Accusations Against the Judge and Trial Proceedings
The defense insists that the court, led by Lewis Kaplan, acted with bias, and the verdict was hastily rendered under the influence of the media and the government. The attorneys stated that even before the trial began, their client was presumed guilty, and the judge repeatedly interfered in the proceedings, supported the prosecution, and influenced the jury’s decisions.
“Kaplan even ‘encouraged’ the jurors to reach a quick verdict by offering them dinner and transportation so they wouldn’t delay their decision.”
Bankman-Fried’s lawyers also emphasize that the judge allowed himself to mock the defendant’s testimony and displayed distrust towards his words. According to their claims, Kaplan improperly prohibited the defendant from informing the jurors that he believed the assets of FTX were sufficient to return all client funds.
Defense Arguments and Positions of the Parties
The main argument of the defense team is the absence of intent to deceive on the part of SBF. They stress that the entrepreneur was convinced that all financial obligations of the exchange would be fulfilled. Meanwhile, prosecutors argued that Bankman-Fried “stole billions of dollars” and drove FTX into bankruptcy.
In 2023, the jury found the founder of FTX guilty on seven counts, including fraud and conspiracy. The prosecution emphasized that client funds were directed to Alameda Research for investments, charitable donations, and real estate purchases. The result was a 25-year prison sentence and an obligation to repay $11 billion.
The appeal is led by renowned attorney Alexandra Shapiro, who has previously sought to overturn verdicts in other fraud cases. She stated that Judge Kaplan restricted SBF’s ability to explain in detail his collaboration with FTX lawyers, thereby depriving the defense of key arguments.
During the trial, testimony against Bankman-Fried was provided by FTX co-founder Gary Wang, engineer Nishad Singh, and former Alameda Research CEO Caroline Ellison. All of them pleaded guilty, and Ellison spoke about creating “alternative balances” to hide debts and siphon off client funds.
Currently, the founder of FTX is in prison in California. His team is seeking a new trial with a different judge.
In February 2025, Sam Bankman-Fried announced his intention to petition for a pardon from U.S. President Donald Trump, emphasizing that his case could be seen as an example of “prosecutorial overreach” under the administration of Joseph Biden.