ftx

One of the biggest scandals in cryptocurrency history has reached another major milestone. Sam Bankman-Fried, the former CEO of the collapsed crypto exchange FTX and once one of the industry's most influential figures, has officially failed in his attempt to overturn his conviction.
A U.S. federal appeals court has upheld his fraud conviction and left his 25-year prison sentence intact. Unless an extraordinary legal development occurs, Bankman-Fried is expected to remain behind bars until 2044.
Court Rejects Key Defense Arguments
The ruling was issued by the U.S. Court of Appeals for the Second Circuit in Manhattan, which reviewed Bankman-Fried’s effort to overturn the verdict handed down following the dramatic collapse of FTX.
The former billionaire argued that he did not receive a fair trial and claimed that Judge Lewis Kaplan improperly restricted his ability to present a full defense.
However, the appeals court rejected those arguments and affirmed the original jury verdict that found Bankman-Fried guilty on all seven criminal counts in 2023.
The Collapse That Shook the Crypto Industry
The downfall of FTX in 2022 remains one of the most devastating events in the history of digital assets.
The exchange, which had been widely regarded as one of the most trusted platforms in the industry, unraveled within days after revelations emerged that billions of dollars in customer funds had been used in ways customers never authorized or expected.
According to U.S. prosecutors, approximately $8 billion in customer assets were misappropriated.
That figure became one of the defining symbols of a case that severely damaged public trust in the cryptocurrency sector.
Testimony From Former Executives Played a Critical Role
During the trial, several former executives from FTX and Alameda Research took the stand after pleading guilty and agreeing to cooperate with authorities.
Their testimony proved crucial to the prosecution’s case.
According to these witnesses, Bankman-Fried personally approved the movement of customer funds and authorized their use to cover losses at Alameda Research.
The defense argued that FTX ultimately possessed sufficient assets and that customers could eventually be repaid. The court, however, ruled that this argument did not change the underlying nature of the alleged fraud.
Judge: He Knew His Actions Were Illegal
When imposing the sentence in March 2024, Judge Lewis Kaplan stated that the evidence demonstrated Bankman-Fried understood that his actions were unlawful.
According to Kaplan, the case was not the result of poor judgment or an honest mistake but rather a deliberate decision to take risks while assuming he would never be caught.
That conclusion played a significant role in determining the lengthy prison sentence.
Hopes Now Rest on a Presidential Pardon
Following the unsuccessful appeal, Bankman-Fried’s legal options have become increasingly limited.
In recent months, the former FTX executive has repeatedly maintained that his case was handled improperly and that the outcome was unjust. At the same time, he has publicly expressed hope that he could eventually receive a presidential pardon.
For now, however, such a possibility remains purely speculative.
One of the Largest Financial Frauds of the Crypto Era
The appeals court decision closes another important chapter in the FTX saga, a case that has become a symbol of the excesses and failures of the cryptocurrency boom between 2020 and 2022.
Many observers compare the downfall of Sam Bankman-Fried to some of the largest financial scandals in modern history, and the consequences continue to shape the crypto industry today.
For many investors, the court’s decision sends a clear message that U.S. authorities view the collapse of FTX as one of the most significant financial fraud cases of the digital age.
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Disclaimer:
The information and opinions presented in this article are for informational and educational purposes only and should not be considered financial or investment advice. Nothing on this page constitutes a recommendation to buy or sell any assets. Cryptocurrency investments are inherently risky and may result in financial loss. Always do your own research before making any investment decisions.

He asked Trump for a pardon this week.
Yesterday a federal court gave him a very different answer.
Sam Bankman-Fried is not going home. And the most important crypto fraud case in history just reached its final chapter.
✦ On June 12, 2026 — yesterday — a three-judge panel of the US Court of Appeals for the Second Circuit unanimously rejected Sam Bankman-Fried's appeal of his 2023 fraud conviction — upholding his 25-year prison sentence in a ruling that took the court less than a single day to deliver after months of deliberation
✦ The court's language was unambiguous — writing that the government's evidence against Bankman-Fried "was, conservatively stated, robust." All three judges agreed. Not one dissent. The ruling was unanimous across every count
✦ SBF's legal team had argued that trial judge Lewis Kaplan wrongly blocked evidence showing FTX was solvent but illiquid — and that he had been prevented from arguing customers would eventually have been made whole. The appeals court rejected both arguments, ruling that "FTX customers were defrauded the moment Bankman-Fried transferred their money to Alameda — regardless of how strongly he believed he might later return it"
✦ At the same time his appeal was being rejected, SBF's pardon petition to President Trump — filed earlier in June — remains listed as "pending" at the Department of Justice. Trump has publicly stated twice in 2026 that he has no intention of pardoning Bankman-Fried, citing the $11 billion scale of the fraud
✦ The ruling establishes a landmark legal precedent for all future crypto fraud cases — prosecutors in every future case involving digital asset mismanagement will now cite Bankman-Fried's conviction as the benchmark for what accountability looks like
✦ FTX was once valued at $32 billion. Its collapse in November 2022 wiped out billions in customer funds across 134 countries. With the appeals path now fully exhausted, the $11 billion forfeiture order stands as one of the largest financial fraud clawbacks in US history
He built a $32 billion empire. He lost it all in 72 hours.
He was convicted on 7 counts. He asked for a pardon. He lost his appeal — unanimously.
25 years in federal prison. No more legal options. The FTX chapter is officially closed.
Do you think 25 years is a fair sentence for stealing $11 billion from ordinary crypto users — or should the punishment have been different?
#FTX #SBF #bitcoin #crypto #CryptoNews

U.S. authorities have once again moved a portion of the cryptocurrencies seized in connection with the collapse of FTX and Alameda Research. The latest transaction, valued at approximately $984,000, was sent to Coinbase on June 10 and marks another step in the long-running liquidation process tied to assets confiscated during the criminal proceedings against Sam Bankman-Fried’s empire.
While the size of the latest transfer is relatively small compared to the government’s overall crypto holdings, investors continue to closely monitor every such movement. For smaller altcoins in particular, even modest sales can have a noticeable impact on market prices.
Another Batch of Tokens Heads to Coinbase
According to blockchain tracking data, the U.S. government transferred several cryptocurrencies originating from seized FTX and Alameda Research wallets.
The largest portion consisted of 98,591 Chainlink (LINK) tokens worth approximately $768,000. The transfer also included Aave (AAVE), Chiliz (CHZ), and Balancer (BAL).
Later that same day, additional assets worth roughly $216,000 were moved, bringing the total value of cryptocurrencies transferred to approximately $984,000.
This is far from an isolated event. In recent months, U.S. authorities have regularly moved seized digital assets to Coinbase, which serves as a primary platform for custody and potential liquidation of these holdings.
A Series of Transfers Ongoing Since 2025
Government wallet activity has been visible for quite some time.
At the end of May, authorities transferred approximately $800,000 worth of cryptocurrencies, including Bitcoin (BTC), Basic Attention Token (BAT), Yearn Finance (YFI), and 0x (ZRX).
Just two days earlier, tokens worth $1.9 million were sent to Coinbase. Those transfers included UNI, RNDR, SAND, MASK, AXS, and APE, along with $2.656 million worth of DAI stablecoins.
Another significant transaction occurred on May 19, when the government moved 319 ETH valued at approximately $673,000 at the time, alongside USDT, DAI, and USDC stablecoins worth a combined $933,774.
The history of these transfers stretches back even further. In December 2025, authorities moved assets including 1,934 WETH worth $6.43 million and BUSD valued at $13.58 million. One month earlier, government wallets transferred 15.1 million TRX worth $4.2 million, along with more than 545,000 FTT tokens.
Liquidation of FTX-Related Assets Continues
All of these assets originate from the extensive seizure efforts following the collapse of FTX.
After Sam Bankman-Fried was convicted in 2023, U.S. authorities began confiscating digital assets linked to FTX and Alameda Research. A federal court later ordered the forfeiture of approximately $11 billion in assets.
The recovered funds are primarily intended to compensate affected investors and creditors.
Under U.S. asset forfeiture procedures, seized assets can be sold, with proceeds transferred into federal forfeiture funds that may be used for victim restitution and other legally authorized purposes.
Coinbase Plays a Central Role
A key component of the process is Coinbase Prime.
The U.S. Marshals Service selected the platform in 2024 to provide custody and trading services for large-cap digital assets held by the federal government.
As a result, most seized cryptocurrencies are first transferred to Coinbase-linked addresses before any potential sale takes place.
Smaller Altcoins Could Face Additional Pressure
While Bitcoin and Ethereum can typically absorb these transfers without significant disruption, the situation is different for smaller altcoins.
Tokens such as CHZ, BAL, and other lower-liquidity assets often have much smaller daily trading volumes. As a result, transfers worth only a few hundred thousand dollars can create short-term selling pressure and increase volatility.
For example, the recent $768,000 LINK transfer was absorbed by the market without any major price reaction. Smaller tokens, however, may be much more sensitive to similar movements.
The U.S. Government Still Holds Billions in Crypto
Despite ongoing liquidations, the U.S. government remains one of the largest cryptocurrency holders in the world.
According to data from May 2026, federal wallets held digital assets worth approximately $27.06 billion spread across 610 wallet addresses.
The vast majority of those holdings consist of 328,361 BTC valued at roughly $26.64 billion.
This suggests that additional transfers and sales of seized cryptocurrencies may continue in the months ahead.
Investors Are Watching Every Move
Every transfer from government-controlled wallets is now closely monitored by blockchain analysts and traders.
Movements involving assets seized from FTX and Alameda Research frequently serve as short-term market signals, particularly for lower-liquidity tokens.
And because U.S. authorities have not yet disclosed a formal liquidation schedule for the remaining holdings, investors are likely to continue paying close attention to every new transaction involving these wallets.
#FTX , #SBF , #bitcoin , #CryptoNews , #blockchain
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies.
Disclaimer:
The information and opinions presented in this article are for informational and educational purposes only and should not be considered financial or investment advice. Nothing on this page constitutes a recommendation to buy or sell any assets. Cryptocurrency investments are inherently risky and may result in financial loss. Always do your own research before making any investment decisions.