KEYTAKEAWAYS
- FTX collapsed in November 2022 after revelations of balance sheet manipulation between Alameda and FTX triggered mass withdrawals and a failed Binance acquisition.
- SBF was arrested, extradited, and later convicted on seven criminal charges including wire fraud and money laundering, receiving a 25-year sentence in March 2024.
- The appeal hearing, now set for November 2025, could redefine regulatory accountability and determine whether a retrial or sentence adjustment is on the horizon.
CONTENT
Sam Bankman-Fried’s appeal hearing is set for Nov 2025, marking a key chapter in the FTX saga. Here’s a timeline tracing FTX’s collapse, criminal trial, and SBF’s conviction.
On August 3, 2025, Sunil, a prominent FTX creditor representative, revealed that Sam Bankman-Fried’s long-awaited appeal hearing is officially scheduled for the week of November 3.
Nearly two years after FTX’s collapse and SBF’s conviction on seven felony charges, the crypto world is once again bracing for legal headlines.
While the upcoming hearing may determine the fate of SBF’s 25-year prison sentence, understanding how we arrived at this moment requires revisiting the full timeline of events—from FTX’s meteoric rise and sudden implosion to the courtroom drama that followed.
FTX COLLAPSE AND SBF INDICTMENT: A TIMELINE OF EVENTS
November 2, 2022: Explosive Balance Sheet Revelation
CoinDesk publishes an exposé revealing that Alameda Research—FTX’s sister trading firm—held vast amounts of FTX’s proprietary token FTT on its books. This report sparks intense market panic and suspicion over the intertwined finances of the two entities.
November 6–8, 2022: Binance Withdraws Acquisition Offer
Binance CEO Changpeng Zhao initially announces intent to acquire FTX to shore up liquidity, but after reviewing internal records the next day, Binance abruptly withdraws. Bitcoin and other coins plunge sharply amid the news.
November 11, 2022: FTX Files for Bankruptcy and SBB Resigns
FTX, Alameda Research, and more than 130 affiliated entities declare Chapter 11 bankruptcy in the U.S. Sam Bankman‑Fried resigns as CEO. John Ray III, the restructuring veteran from Enron, is appointed CEO to oversee the collapse.
December 12–22, 2022: Arrest, Charges, and Extradition
On December 12, Bahamian authorities arrest SBF at his residence in Nassau.
The following day, U.S. prosecutors unseal an indictment charging him with wire fraud, conspiracy, money laundering, and securities fraud.
Upon agreeing to be extradited, SBF flies to the U.S.; upon arrival he is released on a $250 million bond, confined under house arrest at his parents’ home in California.
January 2023 – September 2023: Legal Pleas and Bail Revoked
Between January 3–12, SBF pleads not guilty in Manhattan federal court. Prosecutors line up cooperating witnesses—Alameda executives like Caroline Ellison and Nishad Singh—who plead guilty and agree to cooperate. In August, Judge Kaplan revokes SBF’s bail, citing alleged witness tampering, sending him to a federal detention center in Brooklyn.
October 3, 2023: Federal Trial Begins
The criminal trial opens in the United States District Court for the Southern District of New York.
Prosecutors present a trove of recorded documents, financial records, messaging logs, and testimony showing systemic fund misuse and deception of investors.
November 2, 2023: SBF Found Guilty on Seven Counts
A jury convicts SBF on all seven charges—including wire fraud and conspiracy—after a six‑week trial.
The judge finds that FTX customer deposits were diverted to Alameda for risky trades, real estate, political donations, and more.
March 28, 2024: Sentencing Delivered
Judge Lewis Kaplan hands down a 25‑year prison sentence, ordering SBF to forfeit approximately $11 billion. The court characterizes the fraud as one of the largest financial crimes in U.S. history.
What the FTX Collapse Revealed About Crypto’s Fragile Foundations
FTX’s downfall was not just a story of personal misconduct—it was a systemic unraveling that exposed the fragile scaffolding of an industry still in its formative years.
The platform, once hailed as the poster child of institutionalized crypto finance, crumbled in a matter of days, revealing an $8 billion shortfall primarily due to the secret diversion of customer funds to Alameda Research.
Its meteoric rise and sudden implosion highlighted glaring gaps in internal controls, regulatory oversight, and governance standards.
The absence of board supervision, lack of independent audits, and unchecked executive power created a perfect storm—one that caught even seasoned investors and regulators off guard.
Inside the Trial: Cooperation, Consequences, and the Search for Accountability
What made the SBF trial especially consequential was the depth of insider cooperation. Alameda CEO Caroline Ellison, along with FTX co-founders Gary Wang and Nishad Singh, pleaded guilty and offered detailed testimony that helped prosecutors build a compelling narrative of fraud and deception.
These confessions painted a picture of a leadership circle driven by ambition, secrecy, and a belief they could outmaneuver risk.
Their cooperation not only expedited SBF’s conviction but also set a legal precedent for how crypto fraud cases may be prosecuted going forward—especially in securing high-profile convictions through plea deals and internal whistleblowing.
Why the Appeal Matters: Legal Stakes and Industry Signals
With SBF’s appeal hearing now scheduled for November 2025,
While the appeal is unlikely to overturn the overwhelming weight of evidence presented at trial, it could influence how future cases interpret executive liability, sentencing standards, and regulatory responsibility.
More broadly, the outcome will send a powerful signal—either reinforcing the consequences of misconduct in decentralized finance, or opening the door for sentence adjustments and legal reinterpretations that could reverberate across the industry.
Let us pay attention to the follow-up progress
