Cryptocurrencies

SBF Appeals Conviction and Sentence, Vows to Fight Back

Key Takeaways

  • Sam Bankman-Fried’s attorney has filed a notice of appeal against his 25-year sentence and conviction on seven felony counts;
  • The attorney has also requested to keep Bankman-Fried in a Brooklyn detention center, instead of transferring him to a federal prison;
  • The case will now progress to the Second Circuit Court of Appeals, where judges will decide if the original verdict stands or if a retrial is warranted.

Sam “SBF” Bankman-Fried, former CEO of the crypto exchange FTX, has appealed against his conviction on seven felony counts and the subsequent 25-year prison sentence.

This move wasn’t surprising, as his legal team revealed their plans to appeal shortly after Judge Lewis Kaplan handed down the sentencing on March 28.

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SBF’s attorney, Alexandra Shapiro, filed a notice of appeal on April 11 in the United States District Court for the Southern District of New York. The basis for the appeal has not yet been disclosed.

Shapiro has also requested that Bankman-Fried stay at the Metropolitan Detention Center in Brooklyn rather than be transferred to a federal prison in the San Francisco Bay Area.

The case will now move to the Second Circuit Court of Appeals, where a panel of judges will review it to determine whether the original decision will stand or if there might be grounds for a retrial.

Sam Bankman-Fried fights back, appeals conviction and sentence: notice of appeal

Community reactions to the sentence have varied, with many arguing it was too short considering the large scale of damage caused. Meanwhile, others, including industry analysts like James Seyffart, said 25 years was in line with what most legal experts expected.

SBF’s conviction and sentencing resulted from a dramatic sequence of events that started with FTX’s bankruptcy in November 2022. This led to Bankman-Fried’s arrest for fraud in the Bahamas, extradition to the US, and a trial that concluded with a guilty verdict in November 2023.

In parallel, legal proceedings against other key figures from FTX and Alameda Research are also progressing. Ryan Salame, Caroline Ellison, Gary Wang, and Nishad Singh, who all have pleaded guilty and accepted plea deals, are scheduled for upcoming sentencing.

With this new update, the FTX saga continues to capture the attention of the crypto community worldwide, highlighting the industry’s regulatory challenges.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.




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