What happened?
Sam Bankman-Fried, the former CEO of FTX, is asking for a new trial and his lawyers will present oral arguments in Manhattan on November 4. He was convicted nearly two years ago for orchestrating a scheme that drained about $8 billion from investors and was sentenced to 25 years in prison. His appeal claims the trial judge was biased and that he was effectively presumed guilty before the verdict.
Who does this affect?
This impacts Bankman-Fried himself and the dozens of former FTX employees and associates who testified in the trial. It also matters to the thousands of retail and institutional investors who lost money when FTX collapsed. Plus, regulators, prosecutors, and other crypto executives are watching closely because the outcome could influence future enforcement and legal strategies.
Why does this matter?
If the appeal succeeds or even sparks lingering legal doubt, it could shake investor confidence in crypto and reopen debates over accountability in the industry. Ongoing uncertainty tends to increase volatility and could slow institutional and retail inflows into crypto markets. A strong win for prosecutors would reinforce tougher regulation and oversight, while a successful appeal might fuel calls for clearer rules and protections for investors.