One of Sam Bankman-Fried’s last credible paths to freedom closed Friday as a federal appeals court upheld his fraud conviction and 25-year prison sentence, ruling that the case against him was, in the court’s own words, “conservatively stated, robust.”

A three-judge panel of the Manhattan-based 2nd U.S. Circuit Court of Appeals handed down the 42-page opinion on June 12, rejecting every argument Sam Bankman-Fried’s legal team advanced to undo the November 2023 conviction that cemented one of the largest financial collapses in crypto history, according to Reuters.  

At the heart of the appeal was a claim that the U.S. District Judge Lewis Kaplan had stripped Sam…

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