FTX founder Sam Bankman-Fried will be appealing his recent conviction for large-scale fraud, as announced through his lawyer on Thursday. The judge had handed down a 25-year prison sentence at the end of last month.
Attorney Marc Mukasey had previously mentioned plans for an appeal, but it was officially initiated by Bankman-Fried on Thursday, as reported by Reuters. Despite the conviction, the former CEO continues to assert that he never intended to defraud or steal from his customers. The timeline for the appeal process remains uncertain, given the complexity of the case.
In late March, Bankman-Fried was handed a 25-year prison term, following a sentencing hearing. Prosecutors had initially sought a much longer sentence, while the defense had pushed for a more lenient punishment. The judge found evidence supporting the transfer of $8 billion from FTX to Bankman-Fried's Alameda Research investment fund. Following a liquidity crisis at FTX towards the end of 2022, amidst a surge in withdrawal requests, the platform's CEO declared bankruptcy and was subsequently implicated in widespread fraud. The former CEO was apprehended in the Bahamas in December 2022.
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