Sam Bankman-Fried's fraud conviction related to the FTX crypto-exchange was upheld by a federal appeals court. He was sentenced to 25 years in prison for orchestrating a major financial fraud scheme, involving misappropriation of customer deposits. A prior request for a new trial, citing new witnesses, was denied. Bankman-Fried has also applied for a presidential pardon. He was ordered to forfeit $11 billion to compensate victims.

Sam Bankman-Fried loses appeal of fraud conviction in FTX case

Bankman-Fried has submitted an application for a presidential pardon.

ByAaron Katersky

June 12, 2026, 9:59 AM

A federal appeals court on Friday upheld the cryptocurrency fraud conviction of FTX founder Sam Bankman-Fried.

The opinion came the same week that Bankman-Fried, 34, submitted his application for a presidential pardon.

Bankman-Fried was convicted of masterminding one of the largest financial frauds in history stemming from the collapse of the crypto-exchange FTX. He is serving a 25-year prison sentence.

The appeals court ruling comes after a federal judge in April denied Bankman-Fried a new trial, rejecting his claim that there are newly discovered witnesses who would give exculpatory testimony.

FTX founder Sam Bankman-Fried leaves Manhattan federal court in New York, Feb. 16, 2023.

John Minchillo/AP

Bankman-Fried was charged with seven counts of fraud, conspiracy and money laundering in what federal prosecutors have described as "one of the biggest financial frauds in American history."

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Prosecutors said he used customer deposits on FTX to cover losses at his hedge fund, pay off loans and buy lavish real estate, among other personal expenses.

A jury found him guilty on all charges in his 2023 federal fraud and conspiracy trial.

In addition to the prison sentence he was handed down in 2024, Bankman-Fried was ordered to forfeit $11 billion that the government can use to compensate victims.

This is a developing story. Please check back for updates.

Sam Bankman-Fried loses appeal of fraud conviction in FTX case

Sam Bankman-Fried loses appeal of fraud conviction in FTX case

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