Sam Bankman-Fried Appeals His Fraud Conviction, Seeking a New Trial
CryptoNewsTerminal Staff13 Sep, 2024
Sam Bankman-Fried Appeals His Fraud Conviction, Seeking a New Trial
The New York Times (NYT) reports that Sam Bankman-Fried (SBF), the disgraced founder of the cryptocurrency exchange FTX, has officially appealed his fraud conviction. The move comes after a US court ordered SBF to forfeit over $11 billion and sentenced him to 25 years in prison for his role in the collapse of FTX. In his appeal, SBF is arguing that the judge overseeing his case was unfairly biased against him. He is seeking a new trial. SBF's appeal is the latest development in a high-profile case that has sent shockwaves through the cryptocurrency industry. FTX was once one of the largest cryptocurrency exchanges in the world, but it collapsed in 2022 after it was revealed that SBF had been using customer funds to prop up his other businesses. SBF's trial was closely watched by the cryptocurrency community, and his conviction was seen as a major victory for prosecutors. However, SBF's appeal could potentially overturn his conviction and send the case back to square one.
