On June 11, 2026, a three‑judge panel of a Manhattan federal appeals court affirmed the conviction and 25‑year prison term imposed on Sam Bankman‑Fried. In a 42‑page opinion the court described him as the “main driver of one of the largest frauds on record,” upholding the verdict that stemmed from the collapse of his cryptocurrency exchange FTX.
The ruling arrives while Bankman‑Fried’s request for a presidential pardon remains under review. Records from the Justice Department’s Office of the Pardon Attorney show that his application for a “pardon after completion of sentence” is listed as pending. Earlier this week, from his prison cell, he told Fox Business that he “absolutely” wants a pardon, though he added that the decision is “ultimately up to the president, not up to me.” Bankman‑Fried founded FTX in 2019 and quickly rose to prominence within the digital‑asset sector.
At the peak of his wealth he secured a Super Bowl advertisement featuring comedian Larry David, arranged for the Miami Heat’s home arena to be renamed FTX Arena, and became a major contributor to Democratic causes, ranking as the second‑largest individual donor to the 2020 administration’s campaign. Forbes once labeled him the “multi‑billionaire poster boy of crypto.” The fortunes of the entrepreneur shifted dramatically in November 2022 when FTX filed for bankruptcy, triggering a federal fraud investigation that culminated in his conviction and sentence.
The appeals court’s affirmation means the legal judgment stands, and the focus now turns to the pending pardon request. President Donald Trump has previously granted pardons to several white‑collar figures during his second term, including Silk Road founder Ross Ulbricht and Binance founder Changpeng Zhao. In January he stated publicly that he has no intention of pardoning Bankman‑Fried, yet the final determination remains with the Office of the Pardon Attorney.
Observers note that the outcome of the pardon petition could have broader repercussions for the cryptocurrency industry, given the high‑profile nature of the case and the ongoing debate over regulatory oversight. As the situation develops, attention will remain on how the administration responds to Bankman‑Fried’s plea and what consequences a grant or denial might entail for the sector.
