Sam Bankman-Fried Petitions Supreme Court Over $11B FTX Forfeiture
Sam Bankman-Fried has appealed an $11 billion forfeiture order to the U.S. Supreme Court, arguing the lower court's judgment was unpersuasive. The disgraced FTX founder filed the petition challenging the forfeiture amount tied to his fraud conviction.
The appeal targets the forfeiture order issued in connection with Bankman-Fried's November 2023 conviction on seven counts of fraud and conspiracy. Prosecutors had sought the $11 billion figure to represent proceeds from FTX's collapse, which wiped out billions in customer deposits when the exchange filed for bankruptcy in November 2022.
Bankman-Fried's legal team contends the forfeiture calculation was flawed, arguing the lower court failed to adequately justify the $11 billion sum. The appeal asserts the judgment lacked persuasive reasoning, a claim the government has previously disputed in lower court proceedings.
The Supreme Court faces no deadline to decide whether to accept the case, though petitions typically receive consideration within months of filing. If the Court declines to hear the appeal, the forfeiture order stands as issued. If accepted, the case would mark the first major crypto fraud forfeiture dispute to reach the nation's highest court.
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