Sam Bankman-Fried on Friday lost his bid to overturn his fraud conviction and 25-year prison sentence related to the collapse of the FTX cryptocurrency exchange he founded. The decision was issued by a three-judge panel of the U.S. Court of Appeals for the Second Circuit in New York.

The former cryptocurrency mogul had appealed his conviction on multiple fraud charges stemming from the dramatic collapse of FTX in late 2022. Bankman-Fried was found guilty of defrauding customers and investors of billions of dollars through his management of the exchange and related trading firm Alameda Research.

The appeals court's ruling upholds the original sentence handed down earlier this year, which included 25 years in federal prison. Bankman-Fried's legal team had argued for overturning the conviction, but the three-judge panel rejected those arguments.

FTX was once among the world's largest cryptocurrency exchanges before its sudden collapse amid revelations about misuse of customer funds. The bankruptcy and subsequent criminal case sent shockwaves through the cryptocurrency industry and led to increased regulatory scrutiny of digital asset platforms.

Bankman-Fried, who was once considered a prominent figure in cryptocurrency and effective altruism movements, now faces serving his prison sentence after exhausting this level of appeal. The case marked one of the highest-profile prosecutions in the cryptocurrency sector's brief history.