Sam Bankman-Fried loses appeal against crypto fraud conviction

A separate motion for a new trial was denied in April 2026. In early June 2026, Bankman-Fried filed a pardon petition with the White House. That petition remains pending. With the appellate door closed, a pardon is the only remaining path outside the courts.

The FTX collapse happened fast. The exchange was once valued at $32 billion. In November 2022, after reporting surfaced about Alameda's balance sheet, customers raced to withdraw funds. The money was gone. FTX filed for bankruptcy.

The trial moved quickly by federal standards. Prosecutors called a string of former insiders who had already pleaded guilty. Caroline Ellison, the former Alameda CEO and Bankman-Fried's ex-girlfriend, gave detailed testimony. Several other former FTX executives also cooperated. The jury needed about five hours to return guilty verdicts on all counts.

The appeals court looked for errors. It found none. The evidence, the panel said, was more than sufficient.

The forfeiture order stands at over $11 billion. It is one of the largest clawbacks in financial fraud history. Whether victims will recover their money depends on the ongoing bankruptcy proceedings. The process is expected to take years.

The ruling removes any chance of a shorter sentence or a retrial on the grounds Bankman-Fried raised. His 25-year sentence will stand unless a higher court steps in or the president grants clemency.