According to CoinMeta, the U.S. Second Circuit Court of Appeals issued an official order confirming the conviction of former FTX CEO Sam Bankman-Fried and his 25-year prison sentence. The court dismissed Bankman-Fried's claim that investors in his former exchange FTX did not suffer any losses, and upheld the New York court's order to confiscate $11 billion. The court stated that Bankman-Fried committed fraud by transferring customer funds to Alameda. The issuance of this order significantly reduces the legal avenues available for Bankman-Fried to seek early release, including through a pardon from U.S. President Donald Trump or an appeal to the Supreme Court.