FTX Co-Founder Sam Bankman-Fried Formally Seeks Pardon From Trump
Summary
- Sam Bankman-Fried, the co-founder of FTX, has reportedly formally applied to President Trump for a presidential pardon.
- Market participants say the latest pardon application could renew attention on the legal and political debate surrounding the FTX collapse.
- Still, the pardon application does not mean approval is likely right away, and the final decision will be made through procedures involving the White House and the Justice Department.
Forecast Trend Report by Period
Sam Bankman-Fried, the co-founder of FTX, has formally sought a presidential pardon from President Donald Trump, Bloomberg reported. The request comes more than two years after he was convicted over the collapse of the crypto exchange.
Bankman-Fried submitted a pardon application to the Office of the Pardon Attorney at the US Department of Justice, Bloomberg reported on June 8.
The office's website shows he requested a "pardon after completion of sentence."
Bankman-Fried was convicted in connection with the collapse of FTX. Once one of the world's leading cryptocurrency exchanges, FTX filed for bankruptcy amid controversy over the loss of billions of dollars in customer funds.
Bloomberg said Bankman-Fried has recently continued efforts to secure a pardon from Trump through social media posts and interviews with conservative media outlets.
Since returning to office, Trump has actively used his clemency powers, and some defendants convicted of white-collar crimes have also received pardons.
The pardon request could renew legal and political debate over the FTX collapse, market participants say. Still, filing the application does not mean it will be approved, and the final decision will go through White House and Justice Department procedures.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
