Sam Bankman-Fried formally requests a pardon from Trump

The disgraced crypto entrepreneur currently serving a 25-year sentence has submitted a clemency petition, banking on Donald Trump’s history of granting pardons related to cryptocurrency, despite the president advising him not to rely on one.

What to know:

— Sam Bankman-Fried, the imprisoned founder of the defunct crypto exchange FTX, has officially sought a pardon from President Donald Trump while serving a 25-year sentence for fraud and conspiracy.

— His clemency petition is currently pending with the Justice Department’s Office of the Pardon Attorney, as he also works on appealing his conviction.

— Bankman-Fried, along with his parents, has been lobbying for a pardon while publicly supporting Trump’s stances, although the president has indicated that Bankman-Fried should not expect clemency, even as he has pardoned other notable figures in the crypto sector.

Sam Bankman-Fried, the founder and former CEO of the now-defunct crypto exchange FTX, has officially requested a presidential pardon from President Donald Trump while serving a 25-year sentence for fraud and conspiracy.

The clemency application was recorded Monday in the files maintained by the U.S. Department of Justice’s Office of the Pardon Attorney. The case is marked as pending, indicating that a clemency petition has been initiated and is under consideration. The office has stated that specifics of ongoing evaluations are not publicly available.

The former crypto executive, referred to by his initials SBF, was found guilty in 2023 for orchestrating the fraudulent and conspiratorial activities that ultimately led to FTX’s downfall, once one of the largest cryptocurrency exchanges globally.

The company collapsed in November 2022 after Decryptnews reported balance sheet issues connected to the affiliated trading firm Alameda Research, revealing an $8 billion deficit in FTX’s accounts and prompting a rush on customer withdrawals.

Bankman-Fried acknowledged his desire for clemency during a recent conversation with FOX Business.

«I assume you would want a pardon from the White House?» FOX Business correspondent Susan Li inquired via phone. «Absolutely,» Bankman-Fried replied. «Ultimately, it would be up to the president, not me.»

He refrained from commenting on whether his family members were advocating for him to the administration. SBF’s parents, Joseph Bankman and Barbara Fried, both professors at Stanford Law School, have previously reached out to people in Trump’s circle to discuss the possibility of a presidential pardon for their son. It remains unclear if there were any direct conversations with White House officials.

The pardon request follows months of public remarks from Bankman-Fried that have aligned with Trump’s viewpoints. Through approved communication channels from prison, he has commended the president’s choice to initiate strikes against Iran, claimed that Trump assisted in «saving» the Securities and Exchange Commission by replacing former Chair Gary Gensler with Paul Atkins, and emphasized lower gasoline prices during Trump’s administration.

He also seems to be following a strategy he developed to win favor with Republicans after being perceived as a significant Democratic donor during the 2020 election. This strategy included actions like appearing on Tucker Carlson’s show, which he did last year.

This outreach has garnered attention as Trump has demonstrated a readiness to pardon high-profile defendants, including several associated with the crypto industry. Since returning to office, Trump has granted pardons to Silk Road founder Ross Ulbricht, former Binance CEO Changpeng «CZ» Zhao, and the co-founders of BitMEX.

However, Trump’s endorsement is not guaranteed. In a January interview with The New York Times, the president stated that Bankman-Fried should not expect clemency, categorizing him alongside other high-profile defendants he did not plan to pardon.

For the time being, Bankman-Fried remains in custody as he navigates his appeal efforts and the clemency petition through separate processes.