The United States Court of Appeals for the Second Circuit has scheduled a hearing for November 4, 2025, in the appeal of Sam Bankman-Fried (SBF), the former CEO of FTX. This marks the next critical legal stage following his conviction and sentencing in connection with one of the largest cryptocurrency fraud scandals in history.
Background
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Conviction and Sentence
Sam Bankman-Fried was convicted in November 2023 on seven felony counts, including wire fraud, securities fraud, and misappropriation of customer funds. On March 28, 2024, he was sentenced to 25 years in federal prison. -
Appeal Process to Date
His defense team filed a notice of appeal in April 2024, arguing that the original trial was flawed. The appeal claims that jury instructions, evidentiary rulings, and the presumption of innocence were mishandled, which they say denied him a fair trial.
What the November 4 Hearing Means
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Scope of the Hearing
The court will review whether legal or procedural errors in the original trial were significant enough to overturn the conviction, order a new trial, or reduce the sentence. -
Potential Outcomes
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The appeals court could uphold the 25-year sentence.
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It could overturn part of the conviction and call for a new trial.
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A resentencing could be ordered if errors are found in the sentencing phase.
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If the appeal fails, Bankman-Fried may still seek further review from higher courts.
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Additional Context
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Incarceration Status
After his conviction, Bankman-Fried was initially held in New York before being transferred in March 2025 to a facility in California. -
Industry & Regulatory Stakes
The collapse of FTX remains one of the most significant events in the cryptocurrency sector. The outcome of this appeal could shape how fraud cases in digital finance are prosecuted and influence future regulatory approaches. -
Other Legal Parties
Several of Bankman-Fried’s close associates, including Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame, have faced their own legal proceedings, many resulting in guilty pleas and convictions. These cases form part of the broader fallout from the FTX scandal.
Why This Appeal Matters
This appeal is not only about Bankman-Fried’s fate but also about setting precedent for how the U.S. judicial system handles large-scale crypto fraud. With billions of dollars in losses and global attention on digital asset regulation, the decision of the appeals court will carry significant weight for investors, regulators, and the future of cryptocurrency markets.
Conclusion
The November 4, 2025 hearing will be a pivotal moment for Sam Bankman-Fried and the legacy of the FTX collapse. Whether his conviction and 25-year sentence remain intact or are altered, the case will continue to shape discussions about fairness in trials, investor protection, and the regulation of the fast-growing cryptocurrency industry.