- Sam Bankman-Fried’s parents are exploring a Trump pardon, but it’s unclear if they’ve taken formal steps, per Bloomberg.
- Polymarket bettors give him a 6% chance of receiving clemency, reflecting skepticism compared to Ross Ulbricht’s strong public support.
- SBF’s fraud conviction and FTX collapse make widespread support unlikely, despite his claims that many creditors have recovered funds.
The title says it all, and it looks like everyone wants to be pardoned these days. And that’s because Trump’s use of presidential pardons, including his recent decision to commute the life sentence of Silk Road founder Ross Ulbricht, has led to an increase in clemency requests from high-profile white-collar defendants.
According to Bloomberg, the parents of former FTX CEO Sam Bankman-Fried are looking into the possibility of securing a presidential pardon for their son, who was sentenced to 25 years in prison in March of 2024.
And, of course, there’s a market for it on Polymarket, and bettors are giving him a 6% chance, which is a lot.
Know a Guy, That Knows a Guy
Jeffrey Grant, a legal adviser for such cases, said he has received about 100 inquiries related to pardons.
We have been hearing from people in prison, from people recently sentenced who haven’t reported to the Bureau of Prisons yet, from people who have been indicted. They are looking for somebody who knows somebody.
Jeffrey Grant
Bankman-Fried, once seen as a leading figure in the crypto industry, saw his company collapse in late 2022 when FTX could not fulfill customer withdrawals.
Well, to be more specific, he used Alameda Research’s and FTX’s investors’ money to gamble and venture into degenerate trades. The failure exposed widespread fraud, embezzlement, and misuse of customer funds.
After being convicted in November 2023 on seven charges, including wire fraud, securities fraud, and commodities fraud, he was sentenced on March 28, 2024.
Related: Fed Chair Powell Says Banks Open to Crypto With Proper Risk Controls
With all that said, it’s highly unlikely for such a request to receive support from the crypto community, unlike with Ulbricht’s case. Ulbricht had strong public support behind his clemency efforts, but SBF has faced much backlash.
He tried to downplay his 25-year sentence by arguing that many FTX creditors have recovered most of the lost funds.
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