Key Points
- Bankman-Fried submitted an official clemency request to the DOJ’s Office of the Pardon Attorney, currently marked as pending
- The disgraced FTX founder is currently serving 25 years following his 2023 conviction on fraud and conspiracy charges
- President Trump stated in January that he has no intention of pardoning the former crypto executive
- Bankman-Fried has recently attempted to align his public statements with Trump administration policies
- The president has granted pardons to several other cryptocurrency industry figures, including Ross Ulbricht and Changpeng Zhao
Sam Bankman-Fried, the disgraced founder of the collapsed FTX cryptocurrency exchange, has officially submitted a presidential pardon application to Donald Trump’s administration while incarcerated on a 25-year sentence for orchestrating one of the largest financial frauds in history.
Documentation from the U.S. Department of Justice’s Office of the Pardon Attorney confirms the clemency request has been filed. The petition currently holds a pending status and is classified under the category of “pardon after completion of sentence.”
Bankman-Fried faced conviction in November 2023 on seven criminal counts including fraud, conspiracy, and money laundering. Prosecutors successfully argued he systematically misappropriated customer assets from FTX and its sister trading operation, Alameda Research.
The cryptocurrency exchange imploded in November 2022 following investigative journalism that uncovered serious balance sheet irregularities at Alameda Research. The subsequent investigation revealed an astounding $8 billion shortfall in FTX customer funds, precipitating a catastrophic withdrawal crisis.
Former Crypto Mogul Confirms Pardon Ambitions
During a conversation with FOX Business conducted from prison, Bankman-Fried openly acknowledged his desire for clemency. “Absolutely,” he responded when questioned directly. “It would be obviously, you know, ultimately up to the president, not up to me.”
The imprisoned executive refused to confirm whether his family members are actively campaigning for his release. Nevertheless, his parents — both distinguished Stanford Law School professors Joseph Bankman and Barbara Fried — have reportedly contacted individuals within Trump’s inner circle to discuss potential clemency pathways.
Over recent months, Bankman-Fried has disseminated statements through prison-authorized communication channels that notably echo Trump administration talking points. His messages have commended Trump’s military actions against Iranian targets, praised the president’s selection of Paul Atkins to lead the SEC, and highlighted stock market performance during Trump’s current term.
This strategic repositioning represents a dramatic shift. Previously identified as a major Democratic Party contributor during the 2020 election cycle, Bankman-Fried subsequently cultivated Republican connections. His appearance on Tucker Carlson’s program last year exemplified this calculated pivot.
Presidential Rejection Lingers Despite Ongoing Petition
Notwithstanding these efforts, Trump has offered minimal indication of receptiveness. During a January conversation with the New York Times, the president explicitly stated he does not intend to pardon the convicted fraudster.
This stance distinguishes Bankman-Fried from other cryptocurrency industry figures who have benefited from Trump’s clemency actions. Since assuming his current term, Trump has issued pardons to Silk Road creator Ross Ulbricht, former Binance chief executive Changpeng Zhao, and the founding team behind the BitMEX trading platform.
A concurrent attempt to secure a new trial was rejected by Judge Lewis Kaplan, who presided over the original 2023 proceedings. Bankman-Fried’s legal team contended that previously unavailable witness testimony could challenge elements of the prosecution’s evidence.
Other former FTX executives have completed their sentencing process. Caroline Ellison, who led Alameda Research and provided pivotal testimony against Bankman-Fried, completed a two-year sentence and gained her freedom in January. Federal regulators imposed a decade-long prohibition preventing her from serving in executive capacities at publicly traded companies or digital asset platforms.
Ryan Salame received a 90-month prison term following his guilty plea to conspiracy-related charges.
Bankman-Fried’s clemency application and appellate proceedings are currently advancing through distinct legal pathways concurrently.
