Sam Bankman-Fried, the former CEO of the now-defunct FTX cryptocurrency exchange, has officially filed an appeal against his conviction and 25-year prison sentence for his role in a massive $8 billion fraud case. The appeal, submitted to the 2nd U.S. Circuit Court of Appeals in Manhattan, marks the beginning of a lengthy legal battle.

Bankman-Fried's attorney, Marc Mukasey, announced during sentencing that they would appeal the decision. The appeal challenges the fairness of the trial conducted by U.S. District Judge Lewis Kaplan and the legal basis for the conviction and sentence.

The defense team argues that critical errors occurred during the trial, depriving Bankman-Fried of his rights and leading to an unfair trial. The appeal process is designed to be comprehensive, with the possibility of the case reaching the U.S. Supreme Court.

Bankman-Fried was convicted in November 2023, following charges of fraud and conspiracy on seven counts. Federal prosecutors described the case as one of the largest financial frauds in U.S. history, with Bankman-Fried accused of embezzling $8 billion from FTX clients, leading to the exchange's bankruptcy.

The sentence, handed down by Judge Kaplan, was below the 40- to 50-year term requested by the prosecutors but significantly higher than the 5-1/4 years proposed by the defense.

During the trial, three former close associates of Bankman-Fried testified against him, admitting to misusing FTX funds under his orders. The money was used to pay off Alameda Research's debts and for other unauthorized purposes.

Bankman-Fried's rapid rise in the financial world was marked by his innovative approach to cryptocurrency trading and investments. However, everything changed when FTX collapsed in November 2022, following a wave of customer withdrawals triggered by solvency concerns.

At sentencing, Bankman-Fried acknowledged his poor risk management decisions but denied any intentional misappropriation of funds. His defense emphasized his philanthropic activities and his status as a leading figure in the effective altruism movement.

Despite these claims, the court found Bankman-Fried guilty, focusing on the deceitful nature of his actions and the financial damage caused to FTX customers and shareholders.