Sam Bankman-Fried, the former crypto executive serving a 25-year prison term for fraud, has formally sought clemency from President Donald Trump, according to records maintained by the Justice Department.
The 34-year-old founder of the failed crypto exchange FTX submitted an application for a presidential pardon after sentence completion, a move that has drawn renewed attention to one of the most high-profile financial scandals in recent years.
A jury found him guilty over his role in the collapse of FTX and its affiliated trading firm, Alameda Research. Prosecutors argued that customer funds entrusted to the exchange were improperly diverted and used for a range of purposes, including investments and the repayment of obligations. The downfall of the company in 2022 sent shockwaves through the digital asset industry and left many customers facing substantial losses.
Although Bankman-Fried has spent only a fraction of his sentence behind bars, he has now joined thousands of individuals seeking executive clemency. Data from the Office of the Pardon Attorney indicates that his request is among more than 20,000 pending applications for pardons and sentence-related relief.
The filing seeks a pardon rather than a commutation. A commutation would reduce or alter a prison term currently being served. By contrast, the type of relief requested by Bankman-Fried would apply after completion of his sentence.
If approved, it would not overturn the verdict or remove the conviction from the record. Instead, it could restore certain rights and reduce legal obstacles connected to employment, professional licensing, housing opportunities, education, jury service, and voting.
At the same time, the former billionaire continues to challenge his conviction through the appeals process and has repeatedly argued that he did not commit the crimes for which he was convicted.
Before the collapse of his business empire, Bankman-Fried was widely regarded as one of the most recognizable figures in the crypto sector. FTX grew rapidly and became one of the industry’s leading trading platforms, attracting millions of users worldwide.
His pardon request arrives as Trump has granted clemency in several notable cases during his second term. Those actions have included relief for participants in the January 6, 2021 Capitol riot, former associates facing criminal accusations, the creator of a darknet marketplace, and a prominent figure connected to another major cryptocurrency platform.
Despite the new application, Trump previously suggested he was unlikely to pardon Bankman-Fried when questioned about the possibility earlier this year.
It would be interesting to hear what crypto firms like BitMine Immersion Technologies Inc. (NYSE American: BMNR) think about Bankman-Fried’s application for a presidential pardon once he has served his sentence for crimes that shook the crypto industry and nearly brought it to its knees.
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