SBF Files for New Trial – Prosecutors Push Back Hard. But What Happened to the Rest of FTX?

Key Takeaways

• Federal prosecutors called SBF’s retrial request “incoherent” and “fanciful” in a March 11 court filing
• SBF claims his prosecution was politically motivated – prosecutors say that argument doesn’t hold up
• Caroline Ellison walked free in January 2026 after just 440 days; SBF won’t be eligible for release until 2044
• With Ross Ulbricht pardoned and CZ avoiding prison time, some are asking whether SBF could ever catch a break

It’s the latest chapter in what has become a prolonged legal saga following the collapse of FTX in November 2022 – a collapse that wiped out billions in customer funds and sent shockwaves through the crypto industry.

The Retrial Push

According to a report from TheBlock, the 35-page motion wasn’t even filed by SBF directly – it was submitted by his mother, Barbara Fried, on his behalf, as he currently represents himself from prison. The filing leans on two main arguments: that new witnesses have come forward, and that the prosecution was political targeting by the Biden-era DOJ.

Prosecutors dismantled both. On witnesses, SBF pointed to former executives Daniel Chapsky and Ryan Salame as newly available. The government’s rebuttal was blunt – both men were known to the defense before the 2023 trial. Under Rule 33, newly discovered evidence must actually be new.

The political targeting argument fared worse. SBF framed his prosecution as “Biden-era DOJ weaponization.” The problem: he was one of the largest Democratic donors in the 2020 and 2022 election cycles. Arguing that the apparatus he bankrolled turned around to prosecute him for sport is, as the government noted, logically inconsistent.

What He Actually Did

FTX collapsed in November 2022 after a report revealed that Alameda Research – the trading firm Bankman-Fried also controlled – was holding billions in FTX’s own native token as its primary asset. A bank run followed, withdrawals froze, and roughly $8 billion in customer funds had vanished.

At trial, the picture was one of deliberate fraud. Customer deposits were funneled from FTX into Alameda to cover trading losses, fund political donations, buy luxury real estate in the Bahamas, and make venture investments. SBF was convicted on seven counts of fraud and conspiracy in November 2023, sentenced to 25 years, with a current release date of October 2044.

Where the Other Executives Landed

The outcomes for those around SBF vary dramatically – and mostly skew toward leniency, in exchange for cooperation.

• Caroline Ellison, the former Alameda CEO and SBF’s on-and-off girlfriend, was the prosecution’s star witness. She testified in extensive detail about the inner workings of the operation, received a two-year sentence, and was released in January 2026 after roughly 14 months. She’s now subject to a 10-year ban from serving as a corporate officer or director.
• Gary Wang, FTX’s co-founder, received no prison time at his late 2024 sentencing. Prosecutors cited “outstanding” cooperation – which included building software tools to help the government detect other financial frauds. He’s currently working as a software engineer at Polycam.
• Nishad Singh, FTX’s former head of engineering, also avoided prison and is currently serving a three-year term of supervised release.
• Ryan Salame is the outlier. Unlike the other executives, he’s currently serving a 7.5-year sentence – the only one besides SBF still behind bars.

As for FTX customers: the bankruptcy estate has recovered over $16 billion – boosted significantly by the sale of FTX’s stake in AI firm Anthropic during last year’s market boom. Most retail creditors have already been paid, with the estate projecting a total recovery of roughly 118–119% of allowed claim values. The final global distribution deadline is March 31, 2026.

Could SBF Ever Get Out Early?

The comparisons being floated in crypto circles deserve scrutiny. Ross Ulbricht, serving two life sentences for founding Silk Road, was pardoned by Trump in January 2025 after years of sustained advocacy. Changpeng Zhao pleaded guilty to AML violations, served four months, paid $4.3 billion, and returned to public life.

Both cases are structurally different from SBF’s. Ulbricht’s supporters argued the sentence was disproportionate. CZ’s case was resolved via plea deal without the same scale of direct customer harm. SBF’s conviction centers on billions in stolen deposits and a deliberate deception that took down a major exchange.

The political climate has shifted, and Trump has shown willingness to deploy clemency in unconventional ways. But Bankman-Fried bet heavily on the other side of that political divide – and it’s hard to see who’s lobbying for him now. Additionally Trump said he has no intention of pardoning the ex-FTX CEO.

For the moment, the courts aren’t interested in a new trial. And prosecutors are making sure it stays that way.

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