Sam Bankman-Fried loses bid to overturn crypto fraud conviction

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Source: Reuters

Sam Bankman-Fried loses bid to overturn crypto fraud conviction

By Luc Cohen
June 12, 2026 9:19 AM EDT Updated 1 hour ago


Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at a courthouse in New York, U.S., August 11, 2023. REUTERS/Eduardo Munoz/File Photo

Summary
* Bankman-Fried convicted over FTX fraud at 2023 trial
* Former cryptocurrency executive argued he had funds to cover customer losses
* Bankman-Fried is seeking a pardon from President Donald ​Trump

NEW YORK, June 12 (Reuters) - Sam Bankman-Fried on Friday lost his bid to overturn his fraud conviction ‌and 25-year prison sentence over the collapse of the FTX cryptocurrency exchange he founded.

In a unanimous decision, a three-judge panel of the Manhattan-based 2nd U.S. Circuit Court of Appeals said prosecutors' evidence against Bankman-Fried "was, conservatively stated, robust."

"While he was publicly reassuring customers, investors and regulators that FTX customer funds were ​safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, ​political contributions, and investments," Circuit Judge Barrington Parker wrote on behalf of the panel.

Bankman-Fried's lawyers did ⁠not immediately respond to a request for comment. They may next ask all the active judges on the 2nd Circuit to hear ​the case, or ask the U.S. Supreme Court to take up the case.

Read more: https://www.reuters.com/legal/government/sam-bankman-fried-loses-bid-overturn-crypto-fraud-conviction-2026-06-12/