Sam Bankman-Fried formally seeks U.S. presidential pardon while pursuing appeal
Bankman-Fried’s clemency bid has sparked a sharp rally in bankrupt exchange token FTT, even as Trump has repeatedly ruled out a pardon and prediction markets assign only slim odds.
Sam Bankman-Fried has formally filed a clemency petition seeking a presidential pardon from President Donald Trump, adding an official Justice Department request to his broader effort to challenge or soften his conviction in the FTX fraud case. The filing set off a speculative rally in FTT, the defunct exchange’s native token, which jumped more than 50% over 24 hours to as high as $0.35 while trading volume rose more than 600% to above $16 million, according to CryptoSlate and CoinMarketCap data. Polymarket traders were still pricing only an 8% chance that he would receive a pardon by year-end. Bankman-Fried, who is serving a 25-year sentence after being convicted on seven criminal counts, continues to dispute the common account of FTX’s collapse, arguing it was a liquidity crisis rather than true insolvency and pointing to asset recoveries in bankruptcy. Federal prosecutors said he misappropriated billions in customer funds, and former insiders who cooperated with the government testified against him. Trump has said he will not pardon Bankman-Fried, leaving the political path narrow despite Trump’s past clemency for other crypto-linked figures.
- clemency petition: A formal request asking the government to grant mercy, such as a pardon or reduced punishment.
- FTT: The native token once tied to the FTX exchange ecosystem, now largely traded on speculation after FTX’s collapse.
- liquidity crisis: A situation in which a company lacks enough readily available funds to meet immediate obligations, even if some assets still have value.