Serving 25 Years, SBF Takes His Last Shot at the Supreme Court

Sam Bankman-Fried, aka SBF, doesn’t have many doors left to knock on. The one he has just chosen leads to the American Supreme Court. Sentenced to 25 years in prison after FTX’s bankruptcy, the former head of the crypto platform is demanding a new trial. He also disputes the confiscation of 11 billion dollars. At the center of his request is an embarrassing question: what is the value of the notion of loss when customers have finally been reimbursed?

In brief

• SBF appeals to the Supreme Court to obtain a new trial after his 25-year prison sentence and challenge 11 billion dollars confiscated.
• His defense claims that FTX and Alameda had enough assets to refund customers, ultimately compensated with interest after the bankruptcy procedure.
• The Kousisis precedent complicates his appeal: the Supreme Court ruled in 2025 that fraud could exist without intent to cause a net economic loss.
• SBF also challenges the evidence presented to the jury: according to his defense, the prosecution could mention losses while contrary evidence was excluded from the trial.

FTX Customers Got Their Money Back. So Why Is SBF Still Fighting?

This is what SBF’s defense now wants to show the judges. After FTX’s spectacular bankruptcy in November 2022, the procedure allowed practically all creditors to be refunded with interest.

The detail matters, without telling the whole story. The repayments are based on the dollar value of claims at the time of bankruptcy. At that time, the bitcoin price was around 16,000 dollars. Those who would have preferred to keep their crypto assets during the market rebound therefore do not recover that increase.

Above all, prosecutors think differently. For them, the subsequent repayment does not change the embezzlement attributed to SBF. They accuse him of having used billions belonging to FTX’s clients. The case also involves 1.7 billion dollars concerning FTX investors and 1.3 billion linked to Alameda’s lenders.

This is why both sides can look at the same repayments and tell two different stories. The defense emphasizes the money ultimately recovered. The prosecution looks at what happened before.

And SBF, he is still serving his 25 years.

What Does the Former Crypto King Want From the Supreme Court?

His request doesn’t beat around the bush. SBF wants to have his conviction overturned, obtain a new trial and have the order to confiscate 11 billion dollars overturned.

His lawyers blame the court for closing part of the debate. According to their request, the defense was unable to present evidence meant to show that FTX and Alameda had enough assets to return the money to customers.

“There was always more than enough available assets to reimburse the clients, as they eventually were, with substantial interest“, the request states.

The 11 billion poses a second problem in his eyes. SBF speaks of an “overwhelming fine” and invokes the Eighth Amendment, which protects against excessive fines.

The bar remains high. The Supreme Court reviews only about 1% of the cases that come before it each year. It still has to decide whether it will accept that of the former crypto billionaire.

Before that, the appeals court had already rejected his arguments in June. And a ruling made a year earlier seriously complicates his attempt.

Kousisis: The Supreme Court Ruling Standing in SBF’s Way

The case is called Kousisis v. United States. No crypto here, but a public contract obtained with false certifications regarding subcontracting obligations. The work had, however, been done properly.

In 2025, the Supreme Court ruled unanimously that electronic fraud can exist even when its author does not intend to cause a net economic loss.

The appeals court used this decision to confirm the conviction of Sam Bankman-Fried. His defense is now trying to use the same reasoning differently.

If the prosecution does not need to prove a financial loss to establish fraud, why could it present to the jury elements suggesting that clients lost a lot of money? And why, asks SBF, could his defense not show evidence going the other way?

Lawyer Jeffrey Fisher finds this presentation “distracting and prejudicial” when the very existence of the fraud does not depend on economic loss. It is much less spectacular than the billions lost from FTX, but legally, the appeal largely hinges on that.

The former crypto empire boss is also trying his luck elsewhere. In June, SBF asked for a pardon from Donald Trump. The request still appears pending with the US administration. The Senate opposed a clemency measure in July, while Trump had already closed that door in January. For someone who once dominated a good part of crypto, the options are seriously running out.