NEW YORK, April 23, 2026, 03:50 EDT
Sam Bankman-Fried has dropped his bid for a new trial tied to FTX’s 2022 collapse, shifting attention back to his appeal of both the conviction and his 25-year prison term, a Manhattan federal court filing shows. In a note to the judge, the former FTX co-founder clarified that his law professor parents offered suggestions on the legal papers but weren’t the ones who wrote them.
The filing trims away one of the remaining disputes in a case that’s stood as a touchstone for U.S. prosecutors going after crypto fraud. Meanwhile, the FTX estate continues to repay customers and other creditors, turning the story’s focus from crisis response to legal appeals and payouts.
Bankman-Fried is pulling his Rule 33 motion for the moment, holding onto the option to revive it after his appeal. Law360 says he told U.S. District Judge Lewis Kaplan, “I do not believe I will get a fair hearing” on the matter at this stage. Bloomberg Law
Kaplan had made it clear who was allowed to speak on his behalf. Back in March, Bloomberg reported the judge ruled that Bankman-Fried’s mother, Barbara Fried, did not have standing after she reached out to the court asking for extra time for her son to submit filings.
So the appeal stands as the key case still in play. When the 2nd U.S. Circuit Court of Appeals heard arguments in November, a three-judge panel doubted that the trial judge’s moves to exclude some evidence would be enough to overturn the conviction. The judges pressed his attorney, asking if the jury hadn’t already seen enough to reach its guilty verdict.
In November 2023, a Manhattan jury convicted Bankman-Fried on seven counts tied to fraud and conspiracy. Judge Kaplan handed down a 25-year sentence this March, citing $8 billion pilfered from FTX customers. “He knew it was wrong,” Kaplan remarked. Reuters
FTX’s bankruptcy plan cleared the court last year, paving the way—according to Reuters—for 98% of its customers to recover at least 118% of their account value as of the November 2022 filing. Last month, the company announced a fourth round of distributions totaling roughly $2.2 billion, set to begin March 31. The record date for preferred equity holders is April 30, with payments due May 29 for this senior shareholder group. CEO John Ray said his team had “recovered billions of dollars” by reconstructing the company’s books. Reuters
The broader exchange sector is anything but idle. Kraken—helping with FTX distributions—has struck a deal to acquire Bitnomial, giving it a foothold in U.S. perpetual futures. Coinbase and Robinhood are chasing the same turf, rolling out their own versions of these products. Perpetual futures, which carry leverage and never expire, come with heightened risk for retail traders, said Ben Schiffrin, a director at Better Markets, speaking to Reuters.
The outcome remains unresolved. Bankman-Fried has left the door open to trying again for a new trial once his appeal wraps up. On the creditor side, a group of FTX customers continues to push back against being repaid in dollars locked to 2022 values instead of the crypto they originally put in—so, the legal picture stays murky, while frustration among users hasn’t faded.
