TL;DR
- The Second Circuit issued Sam Bankman-Fried’s appeal mandate, officially closing his challenge against his conviction and 25-year sentence.
- A Supreme Court petition is now his only remaining judicial option after the appeals court confirmed the original ruling.
- FTX creditors continue receiving repayments while the legal process surrounding the former CEO moves toward its final stage.
Sam Bankman-Fried’s appeal process has reached its final stage after the US Court of Appeals for the Second Circuit issued the mandate confirming his conviction. The decision closes the appellate case and leaves the former FTX CEO with only one remaining legal path: requesting a review from the Supreme Court.
The August 4 mandate does not introduce new arguments or modify the previous ruling. Instead, it makes the appellate decision official and returns the case to the lower court, keeping Bankman-Fried’s 25-year prison sentence and financial penalties intact.
Sam Bankman-Fried Appeal Mandate Confirms Second Circuit Decision
The document, registered as entry 77 in case No. 24-961, confirms that the three-judge panel composed of Barrington D. Parker, Eunice C. Lee and Maria Araújo Kahn upheld the original judgment.
The order states that the district court’s judgment is “AFFIRMED,” maintaining the conviction on 7 counts related to fraud and conspiracy connected to the collapse of FTX. The mandate was signed by Catherine O’Hagan Wolfe, clerk of court, and formally issued on August 4.
The ruling follows the June 12 decision, when the appellate panel rejected Bankman-Fried’s arguments that his trial had been unfair. The judges also maintained the sentence imposed by Judge Lewis Kaplan in March 2024, along with the approximately $11 billion forfeiture order linked to the case.
The decision reinforces the importance of accountability, transparent operations and stronger internal controls across the digital asset industry, while showing that major crypto companies remain subject to traditional financial and legal standards.
Supreme Court Petition Becomes Bankman-Fried’s Final Legal Option
With the appeal mandate issued, Bankman-Fried’s only remaining judicial option is filing a petition for a writ of certiorari before the US Supreme Court. The court accepts only a limited number of cases each year, meaning approval is far from guaranteed.
Beyond the courts, Bankman-Fried has also pursued a separate pardon request through the Justice Department. However, lawmakers including Senators Cynthia Lummis and Ruben Gallego have expressed opposition to a potential pardon.
While his legal options narrow, the financial consequences of the FTX collapse continue through creditor repayments. FTX creditors have already received multiple distributions, including a fifth round completed at the end of July.
