Sam Bankman-Fried, the , has formally applied for a presidential pardon from US President Donald Trump while serving a .
According to records published by the Office of the Pardon Attorney within the US Department of Justice, ‘s pardon request is currently listed as “pending.”
The move comes despite Trump’s earlier comments indicating he was unlikely to grant clemency to the former crypto executive.
From crypto billionaire to convicted fraudster
Known widely by his initials “SBF,” Bankman-Fried rose to prominence as one of the most influential figures in the cryptocurrency industry. Before turning 30, he had amassed a multibillion-dollar fortune and transformed FTX, which he co-founded in 2019, into the world’s second-largest cryptocurrency exchange.
Bankman-Fried was once one of the most prominent figures in the cryptocurrency industry, turning FTX into one of the world’s largest digital asset exchanges.
His business empire collapsed in November 2022 after revelations that billions of dollars in customer funds had been diverted to Alameda Research, a hedge fund he founded.
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According to court findings, FTX customers lost approximately $8 billion, equity investors lost $1.7 billion, and lenders to Alameda Research lost $1.3 billion following the collapse of the crypto empire.
Conviction and prison sentence
In November 2023, a federal jury in New York found on seven criminal counts, including fraud, embezzlement and conspiracy.
Prosecutors argued that he orchestrated one of the largest financial frauds in US history by misusing customer deposits to cover losses, fund investments and support political donations.
He was subsequently sentenced to 25 years in federal prison.
Appeal remains underway
Bankman-Fried has appealed both his conviction and sentence, arguing that legal errors affected the outcome of his trial.
His pardon application adds a new dimension to his efforts to overturn or reduce his punishment.
Since returning to office, Trump has granted pardons to a number of white-collar offenders, including former Indiana congressman Stephen Buyer, who was convicted of insider trading.
Sam Bankman-Fried says he ‘absolutely’ wants Trump’s pardon
has publicly acknowledged that he wants a presidential pardon from Trump, saying from prison that he would welcome clemency as he continues to challenge his fraud conviction.
In an interview with Fox Business correspondent from a federal prison, the former cryptocurrency billionaire said he would “absolutely” accept a pardon if one were offered.
When asked whether he wanted a pardon from the White House, Bankman-Fried replied: “Absolutely. It would be obviously, you know, ultimately up to the president, not up to me.”
However, he declined to say whether his family was actively seeking clemency on his behalf.
Asked whether his parents or others close to him had been lobbying the administration, Bankman-Fried responded: “I can’t speak for them.”
Maintains innocence over customer funds
Bankman-Fried continued to dispute key allegations that led to his conviction, insisting that he did not steal customer money.
“I didn’t steal user funds either,” he said.
The former crypto executive argued that customers of the collapsed exchange have since recovered more than the value of their original holdings.
“Customers have been repaid now 170% or so on their deposits. It’s one of the very few cases where the platform was over-collateralized, where customers were more than made whole,” he said.
Bankman-Fried also questioned why prosecutors pursued criminal charges despite the repayments.
“And yet there was, you know, not just a criminal investigation, but a prosecution. And, you know, dozens of years of sentence[s],” he added.
Criticizes handling of customer repayments
further argued that the bankruptcy and recovery process took far too long.
“I can only tell you what I think and, you know, ultimately, customers have been repaid again nearly twice what they had on the platform,” he said.
“And it’s a great disservice to them that it has taken three years.”
