On Tuesday, November 4, 2025, Blockchain Magazine reported that Sam Bankman-Fried, the co-founder of the now-defunct cryptocurrency exchange FTX, appealed his 25-year prison sentence. The appeal, filed with the U.S. Court of Appeals for the Second Circuit in New York, argues that Bankman-Fried was deprived of a fair trial following the exchange’s collapse in 2022.
Bankman-Fried’s legal team asserts that extensive media coverage, prosecutorial overreach, and alleged bias on the part of Judge Lewis Kaplan prejudiced the jury, leading to a conviction that disregarded the presumption of innocence. According to Bloomberg, the defense claims that Judge Kaplan consistently favored the prosecution throughout the 2023 trial, thereby influencing the jury’s decision.
The appeal brief specifically alleges that Judge Kaplan made disparaging remarks about Bankman-Fried’s testimony and demeanor. The defense further contends that Kaplan pressured jurors to reach a swift verdict by suggesting they deliberate late into the evening with provided meals and transportation. Bankman-Fried’s lawyers argue that these actions unduly influenced the jury, resulting in a guilty verdict reached in less than five hours.
The appeal also challenges Judge Kaplan’s decisions to limit the scope of testimony regarding FTX’s remaining assets. The defense claims that Kaplan prevented Bankman-Fried from presenting evidence that he relied on legal advice from company counsel. Bankman-Fried’s legal team maintains that these limitations prevented jurors from fully understanding his intentions and his understanding of FTX’s financial state.
Alexandra Shapiro, a prominent criminal appeals attorney, is now leading Bankman-Fried’s defense. Shapiro has a track record of securing reversals for white-collar defendants, including former Iconix Brand Group CEO Neil Cole. She is also currently handling appeals for Bill Hwang of Archegos Capital and Charlie Javice, who was previously convicted of defrauding JPMorgan Chase.
The prosecution’s case against Bankman-Fried heavily relied on testimony from three former FTX executives: Gary Wang, Nishad Singh, and Caroline Ellison. All three pleaded guilty to related charges and cooperated with the authorities. Ellison, who served as CEO of Alameda Research, testified that she and Bankman-Fried created “alternative balance sheets” to conceal FTX’s multibillion-dollar shortfall.
In addition to seeking a new trial before a different judge, Bankman-Fried’s appeal challenges the $11 billion restitution order imposed by the court. The defense argues that Bankman-Fried did not intend to defraud customers and believed they would be repaid once assets were recovered.
Bankman-Fried is currently incarcerated in California and was not present at Tuesday’s hearing. Separately, his parents are reportedly exploring the possibility of a presidential pardon, according to sources familiar with the matter.
Source: Blockchain Magazine
