SBF Appeals Conviction, Argues He Was Presumed Guilty

Sam Bankman-Fried (SBF), the former CEO of the now-defunct cryptocurrency exchange FTX, plans to appeal his conviction. His legal team argues that he was wrongly convicted because of what they call a “rush to judgment.” They also believe the press, tough prosecutors, and U.S. District Judge Lewis Kaplan created an environment where SBF seemed “presumed guilty” from the beginning.

SBF Lawyers Ask for a New Judge in its Appeal Case

According to a Bloomberg report, SBF’s lawyers claim that Judge Kaplan often favored the prosecution and limited the defense’s chance to present important evidence. They argue that the judge’s mistakes denied SBF a fair trial. Now, the former billionaire’s legal team is asking for a new trial with a different judge.

It is worth noting that SBF’s appeal centers on his claim that he never intended to cheat FTX customers. His lawyers argue that he genuinely believed all customers and investors would eventually get their money back. The ex-FTX boss also affirmed that the exchange had enough assets to repay users when it collapsed. However, Judge Kaplan blocked them from sharing this information with the jury. 

Recall that Bankman-Fried was found guilty in 2023 on several counts of fraud and conspiracy, resulting in a 25-year prison sentence. Notwithstanding, SBF seeks to overturn his conviction and sentence. If his appeal is successful, it could reopen a significant case in crypto history and change how people view the downfall of FTX and its founder.

Sam Bankman-Fried Claims Innocence in Prison Interview

This is not the first time Bankman-Fried has insisted on clearing his name of all charges. Before his transfer to the Oklahoma City Federal Transfer Center, SBF made another attempt to clear his name. In his interview with Tucker Carlson, he insisted he had been wrongfully convicted. This interview was reportedly part of a broader effort by his family to seek clemency for him, especially as presidential pardons gain attention.

Meanwhile, this is not the first time the former CEO spoke publicly from prison. In February, he gave an interview to the New York Sun, where he discussed his shift toward conservative politics.

Some people think he is trying to get on the United States president’s good books since he recently spoke against unfair treatment in politics.

Polymarket Bets Spike on SBF Pardon

Notably, crypto prediction platform Polymarket saw a sharp increase in bets speculating that Bankman-Fried could be pardoned by President Donald Trump before the year’s end. The surge in wagers came just after Binance founder Changpeng “CZ” Zhao received a presidential pardon.

While SBF has filed an appeal to reduce his sentence, legal experts say it is unlikely to progress before year-end. This leaves a presidential pardon as his only potential path to early release. Still, given the scale of his conviction and political baggage, many in the crypto industry believe such a pardon remains highly improbable.