Sam Bankman-Fried Loses Appeal as Trump Pardon Bid Continues

Crypto Insight Summary: A federal appeals court upheld the former FTX chief’s conviction, while his bid for clemency from President Donald Trump appears to face steep political odds. Former FTX CEO Sam Bankman-Fried failed to overturn his fraud conviction and 25-year prison sentence tied to the collapse of FTX after a three-judge appeals panel rejected his bid for relief. The unanimous ruling by the 2nd US Circuit Court of Appeals in Manhattan, New York, found that the government’s case against Bankman-Fried was, in the court’s words, “conservatively stated, robust,” according to [Reuters](https://www.reuters.com/legal/government/sam-bankman-fried-loses-bid-overturn-crypto-fraud-conviction-2026-06-12/). _Source:_[_Toby Cunningham_](https://x.com/sircryptotips/status/2065438114458329526) “While he ‌was publicly reassuring customers, investors and regulators ‌that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds ⁠on real estate, ⁠political contributions, and investments,” wrote Circuit Judge Barrington Parker. The decision comes as Bankman-Fried pursues another avenue to challenge his conviction. Bankman-Fried was sentenced to 25 years in prison in 2024 after being convicted on fraud and conspiracy charges stemming from the multibillion-dollar collapse of FTX. However, the former FTX CEO does not appear to have much support from the president. A White House spokesperson also declined to comment on the clemency request, [referring](https://www.bloomberg.com/news/articles/2026-06-08/ftx-co-founder-bankman-fried-formally-applies-for-trump-pardon) Bloomberg last week to the president’s earlier remarks. He was serving two life sentences plus 40 years before Trump pardoned him in January 2025. _**Related:**_[_**FTX law firm Fenwick & West to pay $54M to victims in settlement**_](https://cointelegraph.com/news/law-firm-fenwick-west-54m-ftx-settlement) Cointelegraph is committed to independent, transparent journalism. Crypto Insight Analysis: Direction: Bearish FTT Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: SBF's failed appeal reinforces FTX's negative image, but market impact is limited as FTT has minimal trading activity.