Sam Bankman-Fried petitions Trump for presidential pardon
In brief
- Bankman-Fried's clemency petition appeared Monday in DOJ pardon records, listed as pending.
- He was convicted in 2023 for fraud that collapsed FTX and created an $8 billion shortfall.
- Trump warned him in January not to expect clemency, per The New York Times.
- Trump has pardoned Silk Road's Ulbricht, Binance's Zhao, and BitMEX co-founders.
The FTX Collapse and Conviction
Bankman-Fried was convicted in 2023 for orchestrating the fraud and conspiracy scheme that undid FTX. The company collapsed in November 2022 after CoinDesk reported on balance sheet concerns tied to affiliated trading firm Alameda Research, exposing an $8 billion hole in FTX's accounts. The implosion wiped out billions in customer funds and sent shockwaves through the crypto industry.
The Clemency Bid
Bankman-Fried confirmed his interest in clemency during a recent interview with FOX Business. His parents, Stanford Law School professors Joseph Bankman and Barbara Fried, have previously reached out to individuals in Trump's orbit to explore a possible pardon. Bankman-Fried has also made public statements praising Trump's decision to launch strikes against Iran and arguing that Trump helped "save" the Securities and Exchange Commission by replacing former Chair Gary Gensler with Paul Atkins.
The fallen crypto mogul's playbook has included appearing on Tucker Carlson's show as part of efforts to ingratiate himself with Republicans. Yet Trump's position remains skeptical. In a January interview with The New York Times, the president said Bankman-Fried should not count on receiving clemency.
Trump's Crypto Pardons
Trump has already shown willingness to grant clemency to crypto figures. He's pardoned Silk Road founder Ross Ulbricht, former Binance CEO Changpeng Zhao, and the co-founders of BitMEX since returning to office. That track record may be fueling Bankman-Fried's gamble, even as the odds appear stacked against him. Whether Trump will reconsider remains an open question.
