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Bankman-Fried appeals FTX/Alameda fraud conviction

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Lawyers acting for Sam Bankman-Fried, the Founder of failed cryptocurrency exchange FTX and related hedge fund firm Alameda Research, have filed a notice of appeal of his federal fraud and conspiracy conviction.

The moves comes two weeks after Bankman-Fried was sentenced to 25 years behind bars in a US District Court in Manhattan. He was also ordered to pay $11bn in forfeiture, after being convicted on seven fraud and conspiracy counts related to misappropriating around $10bn in customer money.

The appeal will be heard by the 2nd Circuit US Court of Appeals, which sits in Manhattan.

Four other executives at FTX and Alameda have previously pleaded guilty to charges related to the fraud including Ryan Salame, who is due to be sentenced on 28 May. Sentencing dates have yet to be set for Alameda’s CEO Caroline Ellison, FTX’s CTO Gary Wang, and FTX’s Director of Engineering Nishad Singh.

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