Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has requested the U.S. Supreme Court to overturn his 2023 conviction on charges of fraud, conspiracy, and money laundering. Currently serving a 25-year prison sentence, Bankman-Fried was found guilty by a federal jury after prosecutors accused him of orchestrating one of the largest frauds in history by misappropriating billions of dollars from FTX customers.

Bankman-Fried rose to prominence after founding FTX in 2019, rapidly expanding the platform into one of the world’s largest cryptocurrency exchanges. His wealth and high-profile philanthropic activities brought him significant attention, along with his involvement as a major donor to the Democratic Party and connections with celebrities and business leaders. However, the company's collapse in 2022, triggered by a sudden withdrawal of deposits and filing for bankruptcy, led to extensive criminal investigations. Bankman-Fried was arrested in the Bahamas the same year and subsequently extradited to the United States to face trial.

Following a monthlong jury trial, Bankman-Fried was convicted. He appealed the decision, but the U.S. Court of Appeals for the Second Circuit upheld his conviction in June. In the petition filed with the Supreme Court, his legal team argued that the trial court made critical errors, including preventing Bankman-Fried from presenting evidence that none of FTX’s customers ultimately lost money due to his actions. They claim there were sufficient assets to repay customers fully, with substantial interest, under a bankruptcy plan approved by the federal court. This plan, the lawyers assert, ensured that virtually all FTX creditors, including retail investors, recovered their funds.

Federal prosecutors have maintained that, regardless of customers’ eventual recovery, the initial misappropriation and mishandling of funds constituted fraud. They contend that Bankman-Fried’s actions directly defrauded customers and investors by diverting their money without authorization.

In addition to challenging the conviction, Bankman-Fried’s legal team raised concerns over a forfeiture order requiring him to surrender approximately $11 billion in assets. They argue that this penalty violates the Eighth Amendment’s prohibition against excessive fines.

Separately, it has been reported that Bankman-Fried submitted a pardon application to former President Donald Trump. It remains uncertain whether the Supreme Court will agree to review his case, as the justices typically consider a limited number of petitions from the thousands they receive annually.