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Sam Bankman-Fried (SBF), the founder of the bankrupt cryptocurrency exchange FTX, has formally applied to US President Donald Trump for a pardon.
The application to the U.S. Department of Justice’s Office of Pardon Advocates marks the first official record of Bankman-Fried’s attempts to seek a pardon from Trump.
A notable point in the application is that SBF did not request a reduction in his sentence. The phrase “Pardon after Completion of Sentence” in the file indicates that Bankman-Fried is not seeking a reduction in his 25-year prison sentence aimed at an early release. Instead, SBF is requesting the restoration of his civil rights after completing his sentence and the lifting of certain legal restrictions imposed due to his conviction.
It had previously been alleged that Bankman-Fried’s family had made informal attempts through individuals close to Trump. However, the latest application reveals that the process is being conducted through official channels for the first time.
On the other hand, speaking to Fox Business, Bankman-Fried “definitely” confirmed that he wants to receive a presidential pardon, but refused to answer questions about whether his family was lobbying for it. SBF also denied, as before, the allegation that it stole customer funds and claimed that FTX users have received refunds of approximately 170 percent so far.
Bankman-Fried was sentenced to 25 years in prison in 2024 for fraud and conspiracy charges related to the 2022 collapse of FTX. Prosecutors alleged that SBF orchestrated a fraudulent scheme that resulted in billions of dollars in losses for clients and investors.
Following news of SBF’s pardon application, FTX Token ($FTT), a token associated with the FTX ecosystem, gained approximately 40% in value during the day. However, market participants remain cautious about whether this rise in the token price will be sustainable.
*This is not investment advice.