Sam Bankman-Fried Files Appeal, FTX Moves Forward with Customer Repayments

FTX founder Sam Bankman-Fried has appealed his 25-year sentence, desiring to stay in New York instead of transferring to California where his sentence was to be served.

His appeal is happening simultaneously with FTX's efforts to begin reimbursing its customers.

Bankman-Fried’s lawyers from Mukasey Young, LLP, have requested that he remain at the Metropolitan Detention Center in Brooklyn to better communicate with them during the appeal, which is now being reviewed by a three-judge panel in the 2nd Circuit US Court of Appeals in Manhattan.

Historically, less than 10% of federal court appeals result in overturning convictions. Should Bankman-Fried not succeed at the 2nd Circuit, he would face the challenging prospect of taking his appeal to the US Supreme Court.

As legal battles continue, FTX is advancing its plans to reimburse customers by late 2024, having recently sold a significant portion of Solana tokens for nearly $1.9 billion.

These funds will help in their repayment efforts, though the full timeline for these reimbursements remains uncertain due to the ongoing legal processes.