FTX founder Sam Bankman-Fried filed an appeal against his conviction and sentence for fraud and conspiracy charges hours before the deadline.
Due to this move, the price of the native token of FTX, named FTT, has increased by 15%, as per the data from CoinMarketCap.
SBF’s legal battle started in November 2022 after he was found guilty on seven counts, including defrauding investors in Alameda Research and FTX customers. After a trial lasting a month, the verdict brought to light the failure of his businesses, which had declared bankruptcy the previous year.
Bankman-Fried was convicted of 25 years in federal prison and three years of governed release with a $11 billion penalty at the beginning of this month.
The appeal will now be reviewed by a three-judge panel of the Manhattan-based 2nd Circuit U.S. Court of Appeals. But Bankman-Fried faces a steep disadvantage in this undertaking.
In the meantime, amid this ongoing legal battle over FTX’s founder, FTT’s price has jumped 15% to $1.82 since the appeal was announced. However, its price is declining, and at the time of writing, the price of FTT had increased by about 1%, reaching $1.60 in the past 24 hours.
Sam Bankman-Fried had not shown any guilt for his crimes, so Judge Lewis Kaplan expressed concern during his sentencing that he might commit more crimes in the future.
Kaplan called Bankman-Fried’s selfless actions an “act” and described them as insincere. Kaplan decided that the sentence was necessary to deter similar crimes from happening in the future, even though it was less than what the prosecutors wanted but more than what Bankman-Fried’s legal team suggested.
Also Read: Reactions to SBF’s 25-Year Sentence for FTX Collapse
