A federal appeals court has affirmed the conviction of Sam Bankman-Fried, co-founder of the cryptocurrency exchange FTX, rejecting claims that his 2023 trial was unfair. The 2nd U.S. Circuit Court of Appeals in Manhattan issued its ruling on Friday, upholding the 25-year prison sentence originally imposed on Bankman-Fried.

Bankman-Fried, 34, was found guilty by a jury of defrauding customers and investors out of billions of dollars during his tenure running FTX, which at one point was the world’s second-largest cryptocurrency platform. The appeals court described the evidence against him as “conservatively stated, robust,” emphasizing the strength of the case presented during the trial.

According to the ruling, Bankman-Fried engaged in a scheme in which he misled FTX customers and investors by falsely assuring them that their funds were secure, while secretly diverting billions of dollars for personal use. The court outlined how Bankman-Fried transferred customer funds to finance real estate purchases, political donations, and other investments, effectively treating the exchange’s resources as his own “personal piggy bank.” He also falsified records to conceal these activities.

During the trial, prosecutors argued that Bankman-Fried’s actions constituted a deliberate and systematic fraud that undermined trust in the cryptocurrency market and led to significant financial losses for many investors. His defense had contended that the trial was flawed and the evidence insufficient, but the appeals court found no merit in these arguments.

The decision marks a significant legal milestone in the aftermath of one of the most high-profile collapses in the cryptocurrency industry, reinforcing the accountability of executives who misuse investor funds. Bankman-Fried’s conviction and sentencing underscore the ongoing scrutiny faced by digital asset platforms in regulatory and judicial arenas.