Sam Bankman-Fried, founder of FTX, has filed an appeal against his conviction and sentence for fraud and conspiracy charges hours before the the deadline to do so.
Bankman-Fried’s move comes amidst the recent surge in FTT, FTX’s native token, which increased by 15%.
Appeals and Market Reaction
SBF’s legal battle began last November when he was convicted on seven counts, including defrauding FTX customers and investors in Alameda Research. Following a month-long trial, the conviction highlighted the collapse of his companies, which had filed for bankruptcy the year before.
Earlier this month, Bankman-Fried was sentenced to 25 years in federal prison, three years of supervised release, and a $11 billion forfeiture. Prosecutors referred to the case as one of the largest financial frauds in history.
A three-judge panel of the 2nd Circuit U.S. Court of Appeals in Manhattan will now review the appeal. However, the odds are stacked against Bankman-Fried in this endeavor.
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