FTX's 'Crypto King' Samuel Bankman-Fried Seeks Supreme Court Reversal

Former FTX founder Samuel Bankman-Fried has filed an appeal with the U.S. Supreme Court to overturn his conviction on multiple counts of fraud and money laundering related to the collapse of his cryptocurrency exchange.

Bankman-Fried, known as the 'Crypto King,' was found guilty in 2023 and sentenced to 25 years in prison, with a $11 billion forfeiture order against him. His lawyers argue that evidence of customer losses should not have been admitted during the trial because it was irrelevant to the charges.

In his petition, Bankman-Fried's lawyers claim that the $11 billion forfeiture is 'crushing' and excessive, violating the cruel and unusual punishment clause of the Constitution.