The parents of former FTX CEO Sam “SBF” Bankman-Fried are reportedly exploring the possibility of a presidential pardon for their son, who was sentenced to 25 years in prison last March.
According to a Jan. 30 Bloomberg report citing anonymous sources, Bankman-Fried’s parents have already met with lawyers and other figures close to the Trump administration to determine whether clemency was possible.
Once considered to be the golden child of crypto, Bankman-Fried’s house of cards fell apart in late 2022 when FTX couldn’t fulfill customer withdrawals. The exchange collapsed in a matter of days, revealing a business built on fraud, embezzlement and misuse of customer funds.
Bankman-Fried’s criminal trial concluded in November 2023, where he was found guilty of seven charges ranging from wire fraud, securities fraud and commodities fraud. His sentencing was handed down on March 28, 2024.
Related: Hollywood is planning a Sam Bankman-Fried movie based on Going Infinite
Appealing to Trump
Although many in the crypto community thought Bankman-Friend’s chance at clemency was higher under former US President Joe Biden, the Trump administration has become a powerful ally for the industry. While this may not be enough to absolve Bankman-Fried of his sentence, there’s growing hope among white-collar defendants that President Donald Trump is open to hearing their cases.
White-collar prison consultant Sam Mangel told Bloomberg that several defendants have submitted clemency requests since Trump was elected.
Their hope for clemency likely grew after President Trump followed through on his campaign promise to pardon Silk Road founder Ross Ulbricht, who had served 11 years out of a double life sentence.
Ross Ulbricht after being released from prison. Source: Free_Ross
However, unlike Bankman-Fried’s case, “Ulbricht’s case is often seen as emblematic of perceived state overreach,” said Lucien Bourdon, a Bitcoin analyst at Trezor.
Related: Silk Road founder Ross Ulbricht thanks Trump for full pardon