Sam Bankman-Fried Seeks Presidential Pardon
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX who is currently incarcerated, has formally requested a presidential pardon from Donald Trump.
The Department of Justice’s Office of the Pardon Attorney shows that Bankman-Fried, just 34 years old, has submitted his application, which is currently marked as “pending.” This request represents an attempt to regain some form of clemency for someone who was once hailed as a bright star in the crypto world before being involved in a significant financial fraud scheme.
Currently, he is serving a 25-year sentence at a low-security federal prison. His conviction in November 2023 included charges of wire fraud, securities fraud, and conspiracy to commit money laundering.
Prosecutors previously established that Bankman-Fried had secretly funneled billions from FTX customer deposits to his own hedge fund, Alameda Research, to support high-risk investments, buy property, and make sizable political contributions. Notably, he spent around $40 million backing the Democrat Party in the 2022 election cycle, becoming one of its largest donors.
However, by late 2022, his financial empire began to collapse. A rush of customer withdrawal requests led to a major liquidity crisis, ultimately resulting in FTX filing for bankruptcy.
The application for clemency is classified as a “pardon after completion of sentence.” Instead of targeting an immediate expungement of his record or an early release—his scheduled release date is June 17, 2044—it aims to restore fundamental civil rights like the ability to vote or serve on a jury after serving his time. It also seeks to remove obstacles that might hinder future employment and housing options.
There’s some curiosity about the timing of this submission and whether Bankman-Fried plans to make a further request for commuting his remaining prison time. In an interview conducted from prison, he expressed a strong desire for White House support, affirming he “absolutely” seeks a presidential pardon.
Throughout the interview, he also defended his past behaviors, asserting that his prosecution was unfair. He mentioned that ongoing bankruptcy proceedings have been successfully recovering asset values, driven by a rebounding cryptocurrency market, allowing the FTX estate to refund creditors approximately 170% of their original deposits.
However, obtaining a pardon might be a challenging endeavor for the former crypto leader, especially considering his political background and the president’s previous remarks. Trump indicated earlier this year in an interview that he had no plans to grant clemency to Bankman-Fried.
