The parents of former FTX CEO Sam Bankman-Fried (SBF) are reportedly exploring the possibility of securing a presidential pardon for their son, who was sentenced to 25 years in prison last March.
Parents Push for Clemency
According to a January 30 Bloomberg report, Joseph Bankman and Barbara Fried have consulted with lawyers and individuals close to former President Donald Trump to assess whether clemency is an option for SBF.
Once regarded as a crypto prodigy, Bankman-Fried’s downfall began in late 2022 when FTX collapsed due to an inability to process customer withdrawals. The exchange’s rapid implosion exposed fraud, embezzlement, and misuse of customer funds.
In November 2023, a jury found him guilty of seven charges, including wire fraud, securities fraud, and commodities fraud. He was sentenced on March 28, 2024.
Why Trump?
Initially, many in the crypto community believed President Joe Biden would be more inclined to grant clemency. However, Trump’s growing support for the crypto industry has shifted that perception.
According to white-collar prison consultant Sam Mangel, several convicted individuals have already submitted clemency requests since Trump’s election.
Bankman-Fried’s supporters may be encouraged by Trump’s decision to pardon Ross Ulbricht, the founder of Silk Road, who had served 11 years of a double life sentence.
However, Bitcoin analyst Lucien Bourdon from Trezor notes that Ulbricht’s case is often viewed as government overreach, while SBF’s case involves large-scale financial fraud, making clemency less certain.
