Sam Bankman-Fried seeks Trump pardon as FTX founder’s appeal remains pending

Bankman-Fried, serving a 25-year sentence for fraud, has formally requested a presidential pardon. Trump previously denied plans to grant clemency.

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has formally submitted a request for a presidential pardon from US President Donald Trump, according to the Office of the Pardon Attorney at the Department of Justice. The application, now listed as “pending” on the department’s website, comes as Bankman-Fried continues to serve a 25-year prison sentence following his conviction for fraud and conspiracy.

The move follows a January interview in which President Trump stated he did not intend to issue a pardon for Bankman-Fried. Despite this, the former FTX chief’s petition has reached the White House, highlighting the ongoing legal efforts by Bankman-Fried’s team as he appeals his conviction.

Bankman-Fried, widely known as SBF, rose to prominence after co-founding FTX in 2019 and rapidly building it into the world’s second-largest crypto exchange. His reputation collapsed in November 2022 after revelations emerged that billions of dollars had been illicitly transferred from FTX to his hedge fund, Alameda Research, triggering a wave of customer withdrawals and the platform’s subsequent downfall.

In November 2023, a federal jury in New York found Bankman-Fried guilty on seven counts, including fraud, embezzlement, and criminal conspiracy. While his appeal remains in process, the pardon application underscores the high-profile nature of his case, which continues to draw attention across the global cryptocurrency sector. Since taking office, President Trump has pardoned several white-collar offenders, including a former Republican congressman convicted of insider trading, but has not indicated any change in stance regarding Bankman-Fried’s request.

Source: https://gulfnews.com/your-money/cryptocurrency/convicted-ftx-founder-sam-bankman-fried-seeking-trump-pardon-2-1.500567860