The US Court of Appeals for the Second Circuit has scheduled the hearing for former FTX cryptocurrency exchange CEO Sam Bankman-Fried’s (SBF) appeal for November 4, 2025. Nearly two years after the sentencing in the high-profile FTX collapse case, Bankman-Fried intends to challenge his 25-year prison term.
This is reported by Finway
Details of the Case and Appeal Process
In April 2025, Bankman-Fried was transferred from a New York prison to the Terminal Island federal facility in California. He is currently serving his sentence after being convicted in 2023 on seven counts of fraud and conspiracy. His lawyers filed the appeal back in April 2024, noting in September of the same year that during the trial, the former FTX executive was “never considered innocent,” and the charges were allegedly based on a “false narrative of irreversible losses of user funds on the exchange.”
“Never considered innocent,” and prosecutors allegedly presented a “false narrative” about irreversible losses of user funds on the exchange.
If the appeals court overturns the sentence, it could pave the way for a new trial or a resentencing hearing. The expected release date for SBF, according to the Federal Bureau of Prisons, is set for December 14, 2044.
Developments in the FTX Case and Implications for Other Figures
FTX filed for bankruptcy in November 2022 due to severe liquidity issues. Several company executives faced criminal charges, but Bankman-Fried refused to plead guilty. His case in New York has become one of the largest in the history of cryptocurrency.
After being extradited from the Bahamas, the court allowed Bankman-Fried to remain under house arrest at his parents’ home in California. However, in August 2023, this decision was revoked following evidence of attempts to pressure witnesses.
The legal proceedings have also affected former SBF colleagues: former Alameda Research CEO Caroline Ellison received a two-year prison sentence (with release expected in March 2026), FTX co-founder Gary Wang and former development director Nishad Singh have already served their sentences, while former FTX Digital Markets CEO Ryan Salame was sentenced to over seven years and began serving his sentence in October 2024.
Alongside the appeal process, rumors are growing about a potential presidential pardon for Bankman-Fried. Media reports indicate that he is trying to establish contacts with the US Republican Party. In February 2025, during an interview, SBF indicated that he was willing to associate himself with the conservative political wing. It remains unclear whether US President Donald Trump will consider a pardon in this case. It is worth noting that at the beginning of his term, Trump had already announced a pardon for Silk Road founder Ross Ulbricht, who was sentenced to life in prison.