A three‑judge panel on Friday rejected former FTX founder Sam Bankman-Fried's bid to overturn his fraud conviction and 25-year prison term. The judges affirmed the 2023 verdict on seven counts, finding the evidence of misappropriating billions of customer funds compelling. The decision leaves the $11 bn restitution order intact and signals to investors that regulatory scrutiny of crypto failures remains uncompromising.

Bankman‑Fried was found guilty of diverting customer deposits into risky trades, personal luxuries and political donations, fueling the 2022 collapse that shocked the crypto market. The panel dismissed his claim that jury instructions mischaracterised FTX’s structure, stating no investors consented to transfers under false pretences. The case highlights governance gaps in digital asset firms. He has served nearly three years of the sentence.

The ruling preserves the $11 bn judgment, a sum Bankman‑Fried says he can never repay, and clears the path for an appeal to the circuit court or Supreme Court. His recent petition for a presidential pardon, routed through Trump‑aligned lobbyist Bryan Lanza, underscores a last effort to mitigate a sentence that ranks among the longest for US white‑collar crimes. Stakeholders will watch further moves.