A three-judge panel at the Second Circuit Court of Appeals has officially denied Sam Bankman-Fried’s appeal, upholding his 25-year prison sentence and conviction on seven counts of fraud and conspiracy. Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, had argued that his original trial was unfair, citing issues with how the judge handled witness testimony and jury instructions.

In their ruling, the judges dismissed these claims, stating that the district court judge acted within his discretion and that the evidence presented against Bankman-Fried was overwhelming. The court specifically addressed the argument that the defense was restricted from presenting certain evidence, concluding that the trial judge’s decisions did not prejudice the outcome. Bankman-Fried’s legal team had sought a new trial, but this latest decision effectively shuts down that path for overturning the conviction.

While the legal battle regarding the fraud case appears to be reaching a conclusion, reporting from CoinTelegraph notes that Bankman-Fried’s camp is simultaneously pursuing a presidential pardon from Donald Trump. The other outlets, The Block and Decrypt, focused primarily on the technical legal aspects of the appellate court’s decision, characterizing the original trial as 'robust' and legally sound. The court’s decision reinforces the legal precedent established during the initial trial, which saw Bankman-Fried found guilty of misappropriating billions of dollars in customer funds.