The Bankman-Fried case enters a phase of maximum tension: the Second Circuit has scheduled the hearing for appeal arguments on November 4.
For the former CEO of FTX, sentenced to 25 years in 2024, the outcome could lead to confirmation, annulment with a new trial, or a new sentence.
The conviction and details of the sentence — including the request for forfeiture of over $11 billion — have been documented by federal authorities and reported in the official communications of the U.S. Department of Justice, elements that remain central in the appeal briefs.
According to data collected by legal analysts following the case since 2022, the procedural issues raised on appeal — especially the admission of evidence and the instructions to the judge-jury — are those that can most significantly affect the outcome of the appeal.
The procedural records (docket of the Southern District of New York and the Second Circuit) show that the notice of appeal was filed on April 11, 2024, and that the main defense brief was submitted in September 2024, data that outline the procedural timeline of the appeal.
Criminal law observers emphasize that, although the appeal does not reconsider testimonial evidence, legal interpretations and the scope of instructions to the judge can generate substantial outcomes.
In brief
- When: appeal hearings on November 4 at the US Court of Appeals for the Second Circuit (New York).
- Why it matters: the court can confirm the conviction, order a new trial, or arrange a new sentencing hearing.
- What changes: the decision will impact the actual duration of detention and the legal scope of the FTX case. That said, the scope of responsibilities could be redefined only partially or substantially.
Calendar and Context: How We Got Here
The Second Circuit hearing on November 4 follows the 2024 trial and the 25-year sentence. The defense filed the notice of appeal in April 2024 and presented the main arguments in the September brief.
Meanwhile, Bankman-Fried is detained at FCI Terminal Island (California), after the transfer following the revocation of bail, ordered in August 2023 for evidence of witness intimidation Reuters. Indeed, this procedural sequence has marked the entire course of the appeal.
What the court will discuss: the defense’s arguments
Bankman-Fried’s lawyers argue that the client has not adequately benefited from the presumption of innocence and claim that the prosecution has constructed a “false narrative” regarding the use of customer funds.
The defense also challenges certain procedural choices and the assessments of evidence, arguing that legal and discretionary errors may have affected the outcome of the trial.
For this reason, the appeal asks the Second Circuit to assess whether legal errors were committed that would justify a reversal of the judgment or the need for a re-sentencing. It should be noted that the appeal review focuses precisely on these aspects.
How a Federal Appeal Works (and Why It’s Different from a New Trial)
The case will be examined by a panel of three judges. In the appeal stage, the court does not rehear witnesses but analyzes the trial records to verify if the trial judge made legal errors (often reviewed de novo) or if discretionary decisions, such as the admission of evidence, were manifestly unreasonable. The jury’s factual assessments usually remain unchanged.
The panel can issue a collegial decision; in exceptional cases, it is possible to request an en banc review of the entire circuit or, as a last resort, appeal to the Supreme Court, although such steps are rare and not automatic. In this context, subsequent avenues remain generally limited.
Possible Outcomes and Impact on the Sentence
- Confirmation: the conviction and sentence remain unchanged; the defense may consider further extraordinary appeals.
- Cancellation with new trial: it goes back before a jury, with consequent variations in strategies, timing, and risks for both parties.
- New sentencing hearing: the guilt remains established, but the judge redetermines the sentence, which could be lower or similar to the initial one.
In every scenario, the concrete effect concerns the residual detention, the margins of procedural negotiation, and the scope of responsibilities outlined in the FTX case. However, the timing of decisions remains a crucial factor.
Impact on the FTX Case and Other Related Lawsuits
A partial reversal could reopen key chapters of the FTX dossier, influencing the public perception and the strategies of the co-defendants.
On the contrary, a confirmation would strengthen the accusatory framework on the alleged misuse of customer funds and consolidate the current procedural positions. That said, much will depend on the breadth of the motivations that the Second Circuit will choose to adopt.
Essential Timeline
- November 2022: FTX declares bankruptcy; the operational activities were largely managed from the Bahamas Reuters.
- August 2023: revocation of bail for alleged witness intimidation.
- 2024: sentenced to 25 years in prison in the United States.
- April 11, 2024: filing of the notice of appeal with the Second Circuit.
- September 2024: filing of the defense brief with appeal arguments.
- Currently (updated as of September 12, 2025): detained at FCI Terminal Island (California); the US Bureau of Prisons reports an estimated release date of October 25, 2044 Federal Bureau of Prisons.
- November 4, 2024: public hearing for the arguments of the Second Circuit.
What has already happened to the associates
- Caroline Ellison: pleaded and testified; sentenced to 2 years, with release expected in March 2026 Reuters. For more details, also read our article on the FTX collapse and Caroline Ellison’s sentence.
- Gary Wang: has testified; sentenced to time served.
- Nishad Singh: has testified; sentenced to time served.
- Ryan Salame: after the plea deal, sentenced to over 7 years, with imprisonment starting in October 2024.
Overall, the framework of the co-defendants’ positions remains a constant reference within the scope of the FTX case.
Political Hypothesis: Presidential Pardon
Reports are circulating that Bankman-Fried might be seeking a presidential pardon from former President Donald Trump.
This is a discretionary and rare remedy, independent of the judicial process, and any declared political preferences by Bankman-Fried are not decisive in themselves. Nevertheless, the possibility continues to be monitored by observers.
In summary
The hearing on November 4, 2024, in the Second Circuit represents the decisive turning point that could define the judicial fate of Sam Bankman-Fried: between the confirmation of the conviction, a new trial, or a re-sentencing, the verdict of the appeal will directly impact his freedom and the judicial narrative of the FTX case. Ultimately, the stakes remain high.