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PanoramaDigest explainer showing that Sam Bankman-Fried's appeal failed, the court called the evidence robust, and the panel rejected the idea that possible customer recovery erased the fraud.

Sam Bankman-Fried Lost His Appeal. The Harder Blow Is to Crypto's 'Everyone Got Paid Back' Story.

The appeals ruling against Sam Bankman-Fried did more than keep a 25-year sentence in place. It cut into one of crypto's favorite fallback arguments: that eventual recovery can erase the original abuse of customer money.

Caroline MercerJun 12, 20265 min