Sam Bankman-Fried, the founder of the bankrupt cryptocurrency exchange FTX, has officially submitted a request for a presidential pardon to the U.S. Department of Justice. This move comes amid his recent public statements supporting former President Donald Trump, sparking widespread interest in the potential outcome of his pardon application.
According to The Block on Monday, Bankman-Fried has initiated the formal process of seeking a presidential pardon from the Justice Department.
In 2023, Bankman-Fried was found guilty of misappropriating billions of dollars in customer funds from FTX. He is currently serving a 25-year sentence while simultaneously appealing the verdict.
Over the past year, he has consistently voiced support for former President Trump’s policies through social media.
Notably, Bankman-Fried posted favorable comments about Trump’s decision to pardon Juan Orlando Hernández, the former president of Honduras.
While some industry observers speculate that these actions might be aimed at improving his chances for a pardon, the general consensus is that the likelihood of such an outcome remains low.
In a January interview with The New York Times, former President Trump explicitly stated that he had no intention of pardoning Bankman-Fried.
Recently, when questioned about Bankman-Fried’s pardon request, a White House spokesperson refrained from offering any new statements, instead reiterating Trump’s previous comments on the matter.
Bankman-Fried is currently incarcerated at a federal correctional facility in Santa Barbara, California.
FTX filed for bankruptcy protection in U.S. court in November 2022, leading to Bankman-Fried’s resignation as Chief Executive Officer (CEO). The collapse of FTX, once ranked as the world’s third-largest cryptocurrency exchange, sent shockwaves through the industry. This triggered a domino effect, with several related companies facing liquidity crises and subsequently filing for bankruptcy.
As the bankruptcy proceedings unfold, controversies have emerged regarding FTX employees’ misuse of company funds and unauthorized expense approvals, revealing a pattern of mismanagement within the organization.