Sam Bankman-Fried, former CEO of FTX, is scheduled to argue his appeal in November 2025, challenging his conviction and 25-year prison sentence on fraud and conspiracy charges. The case ranks among the most consequential in crypto’s brief history, and the ruling could ripple through bankruptcy recoveries, civil litigation, and the compliance posture of exchanges worldwide.
At the center of the appeal are alleged trial errors and questions about how prosecutors framed investor harm and wire-fraud theories. Potential outcomes include a new trial, resentencing, or full affirmation of the original judgment. Any change would reshape accountability benchmarks for digital-asset platforms and executives.
What to watch: the court’s stance on evidentiary rulings; whether the panel narrows or reinterprets the scope of the charges; the implications for FTX creditor distributions; and how the decision influences risk controls, governance, and custody standards across the industry. Regardless of the outcome, the appeal underscores a maturing enforcement era in crypto—where transparency and robust internal controls are no longer optional.