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S.B.F. Alternate Histories & Ellison “Ticking Fee” Fears

Even as he withdrew his latest plea, Sam Bankman-Fried has been pushing another argument in the court of public opinion: that if FTX hadn’t been forced into bankruptcy, his biggest investments would be worth some $114 billion by now. Plus, notes on Zaslav’s golden parachute—and how a state antitrust intervention could sweeten the deal.

Sam Bankman-Fried
On the same day that Sam withdrew his request for a new trial, a series of posts (and reposts) appeared on his X account highlighting just how much money he might have returned to investors and customers had FTX not been forced into bankruptcy. Photo: Ed Jones/AFP/Getty Images
William D. Cohan
April 26, 2026

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The wheels of justice tend to turn slowly after a jury has already rendered its verdict. Indeed, Sam Bankman-Fried, the disgraced FTX founder, has been waiting for about two years on a decision from the Second Circuit, to which he appealed his original, 25-year sentence for fraud and conspiracy. In the meantime, Sam was recently moved to the federal prison in Lompoc, California—the same facility where Michael Milken once served time—where he has been plotting his various legal means of escape.