Sam Bankman-Fried had a little hope left and a lot of lawyers. The federal Second Circuit appeals court has just cut both. On 12 June 2026, a three-judge panel unanimously dismissed the appeal of the former crypto magnate, who argued an unfair trial, “abusive” evidentiary rulings and a biased judge. The court accepted none of it: the 2023 conviction and the 25-year prison sentence are upheld.
In the wake, the order to repay around $11 billion still stands. For the record, the hole left by FTX's collapse broke down, according to the prosecution, into some $8 billion in customer losses, $1.7 billion for investors and $1.3 billion for lenders. Sums that no line of code ever managed to make reappear.
The “unfair trial” argument has at least the merit of consistency: it is exactly what FTX customers said on discovering that their “secure” deposits were funding Alameda's bets. The difference is that they had no three federal judges to hear them — just a zero balance and a customer service gone silent.
The last cartridge: a pardon request to the White House
Court remedies exhausted, SBF has produced his political joker: he filed, the same week, a presidential pardon request. The prospect of a gesture from Donald Trump remains, on paper, open. The man who once generously funded the Democratic camp is now betting on the clemency of a Republican president: on conviction, the crypto industry has always been agnostic, provided it pays.
Having watered one camp then begged the other's pardon is the very definition of a diversified portfolio. SBF may not have known how to protect his customers' funds, but he grasped one rule of American capitalism perfectly: when the law no longer answers, there is always a number at the White House. It remains to be seen whether a pardon accepts payment in FTT tokens.
Key points
- Second Circuit appeals court: Sam Bankman-Fried's appeal unanimously dismissed (12 June 2026).
- 25-year prison sentence and fraud conviction upheld.
- Order to repay around $11bn maintained (≈ $8bn customers, $1.7bn investors, $1.3bn lenders).
- SBF filed a pardon request with Donald Trump; a Supreme Court route theoretically open.
- Update to our 26 May 2026 article on his conviction.
Magouilles & Compagnie verdict
Magouille or calomnie? On the substance, no more doubt: justice ruled at first instance then on appeal. Updated verdict: 25 years upheld, $11 billion still owed, and one last bet — no longer on the markets, but on a presidential pardon. True to form, Sam Bankman-Fried keeps playing double or nothing with other people's money; except that this time the stake is his freedom.
⚖ Your verdict Live
In your view, is this a case of magouille — or calomnie?
📚 Sources
- Bloomberg — « Sam Bankman-Fried Loses Appeal of Conviction for FTX Fraud »
- ABC News — « Sam Bankman-Fried loses appeal of fraud conviction in FTX case »
- Engadget — « Sam Bankman-Fried's fraud conviction appeal has been denied »
- BFMTV — « Sam Bankman-Fried restera en prison 25 ans et devra rembourser 11 milliards de dollars »
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