With 19 years remaining for Sam “SBF” Bankman-Fried in jail, the previous FTX CEO’s authorized staff will current arguments within the appellate court docket as to why a panel of judges ought to take into account overturning his conviction or sentence.
On Tuesday, the US Courtroom of Appeals for the Second Circuit will hear oral arguments from SBF’s attorneys. Although the small print of the attraction had been unclear on the time of publication, the previous FTX CEO’s authorized staff mentioned in its preliminary appeals submitting from September 2024 that it meant to argue SBF was “by no means presumed harmless,” claiming that it was not allowed to current info to the court docket concerning the crypto trade’s solvency.
“From day one, the prevailing narrative—initially spun by the attorneys who took over FTX, shortly adopted by their contacts on the US Lawyer’s Workplace— was that Bankman-Fried had stolen billions of {dollars} of buyer funds, pushed FTX to insolvency, and brought about billions in losses,” mentioned the September 2024 attraction. “Now, almost two years later, a really completely different image is rising—one confirming FTX was by no means bancrupt, and in reality had belongings value billions to repay its prospects. However the jury at Bankman-Fried’s trial by no means obtained to see that image.”
Following the collapse of FTX in November 2022, US authorities extradited SBF from the Bahamas to face fees, together with cash laundering and fraud. A jury convicted the previous CEO on seven felony counts in November 2023, and a decide sentenced him to 25 years in jail in March 2024.
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The case involving the high-profile cryptocurrency govt drew consideration from many within the trade, in addition to lawmakers, since SBF had contributed thousands and thousands of {dollars} to politicians via his corporations. The appeals court docket will resolve whether or not to grant Bankman-Fried a brand new trial or affirm his conviction in New York.
Additionally angling for a presidential pardon?
Following his conviction and sentencing listening to, SBF appeared to marketing campaign to extra align himself with Republicans and right-leaning politicians, in an try to attract constructive consideration from US President Donald Trump.
Trump has signaled a willingness to pardon or commute the sentences of cryptocurrency figures who help him or who’ve enterprise relationships with members of his household.
In January, he pardoned Silk Highway founder Ross Ulbricht, who had been sentenced to life in jail, reportedly as a part of an attraction to libertarian voters within the 2024 election.
Most not too long ago, the president pardoned former Binance CEO Changpeng “CZ” Zhao, who served 4 months in jail in 2024 after pleading responsible to violating the US Financial institution Secrecy Act. The act elevated hypothesis amongst many crypto customers that SBF may very well be subsequent, however as of Tuesday, the White Home had not introduced any pardon.
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