FTX founder Sam Bankman-Fried, widely known as SBF, has asked the U.S. Supreme Court to hear his appeal, according to CNN. He is seeking a new trial and wants the court to set aside an order requiring the forfeiture of $11 billion in assets. Bankman-Fried was sentenced in 2024 to 25 years in prison.
The appeal centers on a technical legal dispute over evidence presented at trial. It also raises the question of whether Bankman-Fried should have been allowed to argue that his investments were ultimately profitable and sufficient to cover losses suffered by FTX customers. Prosecutors had said he directed billions of dollars from crypto exchange FTX to Alameda Research, the hedge fund he controlled, and that the money was later used for high-risk investments, political donations, and personal spending.
Bankman-Fried is also arguing that the $11 billion forfeiture violates the Eighth Amendment to the U.S. Constitution, which bars excessive fines.
FTX founder Sam Bankman-Fried, or SBF, filed an appeal with the U.S. Supreme Court on Thursday, seeking a new trial and asking the court to overturn an order requiring the forfeiture of $11 billion in assets, according to CNN.
Bankman-Fried was sentenced in 2024 to 25 years in prison. Prosecutors said he directed billions of dollars from crypto exchange FTX to Alameda Research, the hedge fund he controlled. They said those funds were later used for high-risk investments, political donations, and personal spending.
Appeal targets trial evidence issue and forfeiture order
The filing to the Supreme Court focuses on a technical legal question tied to evidence presented during the trial. It also addresses whether Bankman-Fried should have been allowed to argue that his investments ultimately turned a profit and were enough to make up for losses suffered by FTX customers.
Separately, he argues that the $11 billion asset forfeiture violates the Eighth Amendment to the U.S. Constitution, which prohibits excessive fines.
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