FTX founder Sam Bankman-Fried asks Trump for pardon after conviction in multibillion-dollar fraud case
Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, has formally applied for a presidential pardon from US President Donald Trump while serving a 25-year
Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, has formally applied for a presidential pardon from US President Donald Trump while serving a 25-year prison sentence for fraud and conspiracy. According to records published by the Office of the Pardon Attorney within the US Department of Justice, Bankman-Fried's pardon request is currently listed as "pending." The move comes despite Trump's earlier comments indicating he was unlikely to grant clemency to the former crypto executive.
From crypto billionaire to convicted fraudster Known widely by his initials "SBF," Bankman-Fried rose to prominence as one of the most influential figures in the cryptocurrency industry. Before turning 30, he had amassed a multibillion-dollar fortune and transformed FTX, which he co-founded in 2019, into the world's second-largest cryptocurrency exchange. At its peak, FTX was one of the most recognizable names in digital assets, attracting millions of customers and high-profile investors. However, the company collapsed dramatically in November 2022 after a surge in customer withdrawal requests exposed severe financial problems.
Investigators later alleged that billions of dollars in customer funds had been improperly transferred from FTX to Alameda Research, a hedge fund closely linked to Bankman-Fried. Conviction and prison sentence In November 2023, a federal jury in New York found Bankman-Fried guilty on seven criminal counts, including fraud, embezzlement and conspiracy. Prosecutors argued that he orchestrated one of the largest financial frauds in US history by misusing customer deposits to cover losses, fund investments and support political donations.
He was subsequently sentenced to 25 years in federal prison. Appeal remains underway Bankman-Fried has appealed both his conviction and sentence, arguing that legal errors affected the outcome of his trial. His pardon application adds a new dimension to his efforts to overturn or reduce his punishment.
The BriefWire