FTX founder Sam Bankman-Fried, widely known as 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 had said he directed billions of dollars from crypto exchange FTX to Alameda Research, the hedge fund he controlled. Those funds were later used for high-risk investments, political donations and personal spending. The Supreme Court filing 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.
In addition, the appeal argues 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 for an order requiring the forfeiture of $11 billion in assets to be overturned, 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. Those funds were later used for high-risk investments, political donations and personal spending.
Appeal centers on trial evidence issue
The filing to the Supreme Court focuses on a technical legal question tied to evidence introduced during the trial. It also addresses whether Bankman-Fried should have been allowed to argue that his investments were ultimately profitable and enough to make up for losses suffered by FTX customers.
Constitutional challenge to the forfeiture order
Beyond the request for a new trial, Bankman-Fried also argues that the $11 billion asset forfeiture violates the Eighth Amendment to the U.S. Constitution, which prohibits excessive fines.
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