Sam Bankman-Fried (SBF), the co-founder of the collapsed crypto exchange FTX, has officially filed an appeal against his fraud conviction, seeking a retrial. In his appeal, submitted to the Second Circuit Court of Appeals, SBF’s defense argues that his trial was marred by judicial bias and procedural errors, which they believe unfairly contributed to his 25-year prison sentence. The former CEO was convicted in late 2023 on multiple charges of fraud and conspiracy related to FTX’s dramatic collapse.

At the heart of the appeal is the claim that U.S. District Judge Lewis Kaplan, who presided over the trial, showed bias that affected the outcome. SBF’s attorney, Alexandra Shapiro, contends that the judge made prejudicial comments before the jury, effectively presenting SBF as guilty before the defense had fully presented its case. Shapiro also criticized Judge Kaplan for restricting key defense arguments, such as evidence of SBF’s investments that could have portrayed his efforts to stabilize the company. The defense further claimed that Kaplan’s conduct, particularly his decision to order a pre-testimony deposition, allowed prosecutors to unfairly cross-examine SBF before the jury.

One of the core arguments in SBF’s defense is that FTX’s financial troubles were not as severe as portrayed during the trial. His team argues that many customers could still recover their funds through the ongoing bankruptcy proceedings. However, the defense insists that this argument was blocked from being fully presented to the jury, leaving them with an incomplete view of FTX's financial state. Additionally, SBF’s legal team pointed out that his associates, including former Alameda Research CEO Caroline Ellison, testified against him, alleging that he had stolen customers’ funds. These testimonies were pivotal in the prosecution's case against SBF.

SBF’s appeal also highlighted procedural issues, such as the denial of access to crucial exculpatory evidence—often referred to as Brady material—that could have supported his defense. Moreover, the appeal claims that the Department of Justice worked too closely with the FTX bankruptcy estate, limiting the defense’s ability to present a comprehensive case. The legal team accuses the bankruptcy estate of acting as an “arm of the prosecution,” a situation they argue was not properly investigated by the court.

As the appeal process unfolds, the outcome remains uncertain. If successful, SBF could see his conviction overturned and secure a new trial. For now, Bankman-Fried remains in custody, continuing to serve his sentence while awaiting the court's decision on his appeal. The case has drawn significant attention in the crypto industry, as it could shape the legal fallout from FTX’s collapse for years to come.