SBF Launches Appeal, Claims He Was "Presumed Guilty" Before Trial

Sam Bankman-Fried (SBF), the former FTX executive convicted of fraud and sentenced to 25 years in prison, has launched a formal appeal to overturn his conviction, arguing he was “presumed guilty” before his trial even began, with oral arguments, in the U.S. Court of Appeals for the Second Circuit.

The Appeal: Centering on Trial Fairness and Solvency Claims

SBF’s legal team, led by attorney Alexandra Shapiro, will contend that the trial court made egregious errors, including limiting his testimony and evidence on FTX’s solvency, unfairly favoring prosecutors. The appeal centers on allegations of judicial bias from District Judge Lewis Kaplan, who allegedly undermined the defense with rulings that prevented SBF from presenting a full picture of the exchange’s financial health. SBF’s lawyers assert the court presumed his guilt, denying him a fair trial and violating due process. A separate document posted on SBF’s X account claims FTX was “never insolvent,” arguing $25 billion in assets could have covered the $10 billion shortfall, and accuses bankruptcy lawyers of destroying $120 billion in value through unnecessary filings.

• Key Arguments: Court bias; restricted evidence on solvency; unfair testimony limits.
• SBF’s Claim: FTX held sufficient assets; bankruptcy was avoidable.
• Hearing Date: November 4, 2025; 2nd Circuit Court.

Background: The 2023 Conviction and Sentence

SBF was convicted in November 2023 on seven felony counts, including fraud and conspiracy, for misappropriating $10 billion in customer funds to Alameda Research, his hedge fund. The court found he used FTX as a personal piggy bank, lending billions to Alameda for risky bets. In March 2024, Judge Kaplan sentenced him to 25 years—the maximum—rejecting pleas for leniency and ordering $11 billion in forfeiture. SBF’s defense argued he acted in good faith on legal advice, but the jury rejected it, viewing the case as a betrayal of customer trust.

Legal Challenges: High Bar for Overturning the Verdict

The appeal faces a steep challenge: SBF’s team must prove the court made reversible errors or showed bias, a rare outcome in fraud cases. Prosecutors, led by Thane Rehn, will argue the trial was fair, with SBF’s actions exposing $10 billion in loans and $5 billion to executives, causing $8 billion in losses. If successful, the appeal could vacate the conviction for retrial; failure upholds the sentence, though SBF’s parents are exploring a presidential pardon under the Trump administration, which has shown crypto leniency.

Broader Implications for Crypto: Regulation and Trust

This appeal, one of crypto’s most high-profile, centers on FTX’s solvency and bankruptcy proceedings, potentially influencing how courts view exchange failures. It raises questions about legal advice defenses and the role of bankruptcy lawyers, with SBF claiming $8 billion in assets could have repaid creditors. The case, involving $70 million in extortion claims and 98% creditor recovery at 120% plus interest, underscores the tension between innovation and accountability in the $2.1 trillion market.

2025 Outlook: $130K-$200K BTC Consensus

Analysts forecast BTC at $130K-$200K by year-end. Changelly sees $123,849; CoinDCX $131,500. VanEck targets $180K-$200K on ETF momentum. For investors, how to buy Bitcoin via compliant platforms ensures entry. How to sell Bitcoin and how to cash out Bitcoin offer liquidity. Sell Bitcoin for cash and convert Bitcoin to cash enable fiat conversions.

Trading Strategy: Legal Risk Longs

Short-term: Long BTC above $108,500 targeting $115,000, stop $106,000 (2% risk). Swing: Accumulate dips, staking for 5% APY. Watch appeal outcomes; below $108,000, exit.

In summary, SBF’s appeal claiming “presumed guilt” and solvency challenges his 25-year sentence, with a November 4 hearing potentially reopening crypto’s biggest fraud case and influencing 2025’s regulatory landscape.