Haciyev Reşit 
FTX founder Sam Bankman-Fried (SBF) one of the most controversial figures in crypto history is once again back in court. His appeal hearing, scheduled to begin on November 4, 2025, at 5:00 p.m., marks his most critical opportunity to overturn his 25-year prison sentence.
Convicted in 2023 of fraud, money laundering, and misuse of customer funds, SBF is now appealing the verdict on the grounds of “violation of the right to a fair trial.” The hearing will take place at the U.S. District Court for the Southern District of New York and is being closely followed by international media.
Defense: “The Trial Was Unfair and Media-Driven”
SBF’s legal team argues that the initial ruling was made “under intense media pressure” and that prosecutors emotionally influenced the jury. The defense claims the trial was driven more by public outrage than justice, with the U.S. media’s dramatized coverage of the FTX collapse undermining the principle of impartiality.
They also allege that SBF’s previous legal team made strategic mistakes and that key witnesses were not properly heard. Another central argument is that the jury misinterpreted FTX US’s financial position, failing to recognize that the company still had significant recoverable assets.
New Evidence to Be Presented
During today’s appeal hearing, SBF’s lawyers plan to present new documents showing that FTX US was not insolvent and that most user funds could still be recovered. The defense intends to demonstrate that the company’s downfall resulted from liquidity mismanagement and market panic, not deliberate fraud.
According to insiders, the defense will argue that FTX US operated as a financially independent entity, and that its collapse was unjustly linked to the broader global failure of FTX.
Possible Court Outcomes
If the appeals court rules in SBF’s favor, two main outcomes are possible:
- A retrial order, or
- A reduction of the existing 25-year sentence.
However, prosecutors maintain that these claims are baseless, insisting that SBF intentionally funneled customer funds through Alameda Research. As a result, the final decision is not expected immediately — the ruling could take weeks or even months.
What the FTX Case Means for the Crypto Industry
The collapse of FTX in late 2022 triggered a wave of regulatory crackdowns across the crypto sector. Since then, authorities in the U.S. and Europe have imposed stricter oversight on centralized exchanges. For that reason, SBF’s appeal is more than a personal legal battle — it’s also a crucial test for the future of crypto regulation. Analysts emphasize that the outcome could set a legal precedent for similar cases and shape how regulators approach accountability in digital finance.
Two years later, Sam Bankman-Fried once again faces justice. This trial will not only decide the fate of one entrepreneur but may also redefine the ethical, legal, and financial boundaries of the crypto world. The court’s decision could mark a historic turning point for investor confidence and the future of digital asset regulation.
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