Appeal wey Sam Bankman-Fried raise for FTX fraud conviction deny

Sam Bankman-Fried try make overturn im FTX fraud conviction don chop as Second Circuit panel reject am. Court push back im claim say trial no fair and no find wrong for Judge Lewis Kaplan rulings on objections and evidence. Key legal takeaways for traders: the judges talk say whether FTX assets later gain value no matter for wire-fraud liability, because the law fit cover even temporary misappropriation of customer money. The panel also reject the argument say customers suppose expect losses because some users do margin trading, noting say nobody consent make customer funds send go Alameda Research through false pretences. After dem lose the appeal, Bankman-Fried options don tight more. E don report say he don apply for presidential pardon from Donald Trump, even though Trump don previously talk say he no go pardon am. Separately, he dey seek new trial while him dey serve 25-year jail term after jury conviction in November 2023 on seven counts. Market relevance: even though this FTX fraud conviction fit reinforce regulatory and counterparty risk worries for centralized exchanges, e no add new market mechanism beyond wetin the law already conclude—so the likely impact on crypto markets go mainly be about sentiment.