According to the White House, Sam Bankman-Fried (SBF), the founder of FTX, will not be pardoned by US President Donald Trump. This comes after the founder of cryptocurrency recently pushed for the president to pardon him while he still wants a new trial.
A White House spokeswoman reaffirmed that Trump had no plans to pardon the FTX founder, according to a Fortune article. The spokeswoman cited remarks made by the president last month, when he stated that he had no intention of pardoning Sam Bankman-Fried. In an email to Fortune, the spokeswoman stated that the President has the final say on all pardons.
SBF, who is presently serving a 25-year jail sentence following a jury conviction in November 2023 on seven counts of fraud and conspiracy, suffers a setback as a result. Due to his deception of investors, lenders, and consumers, the creator of FTX bears primary responsibility for the exchange’s demise.
A long time back, Bankman-Fried started a campaign to get Trump to pardon him. His proxy-run X account posted messages endorsing the present administration’s pro-crypto position while charging the Biden administration with suppressing the cryptocurrency sector. In a recent X post, he also criticised Democrats for limiting “misinformation” on social media and praised Trump’s Truth Social for prioritising free expression.
It’s important to remember that last year, Trump pardoned Arthur Hayes of BitMEX and Changpeng “CZ” Zhao of Binance. Fortune reports that D.C. insiders pointed out that SBF’s situation is unique, as his standing as a major contributor to the Biden administration has restricted his appeal. The inventor of FTX is reportedly viewed as a villain in the cryptocurrency sector, which has further complicated his chances of receiving a pardon.
A recent post on the FTX creator’s X account addressed “10 myths” regarding the convicted cryptocurrency founder and the now-defunct exchange. According to the post, SBF wasn’t given a fair trial because everything was stacked against him. Additionally, it claimed that the debtors and Biden’s DOJ oversaw the witnesses, the documented proof, and the story.
There are also allegations that threats, litigation, prosecution, and media attacks prevented possible defence attorneys from coming forward. Judge Lewis Kaplan, who presided over the case, was also accused by SBF’s X post of being unfair in his decision to exclude proof of FTX’s solvency and legal assistance.
Sam Bankman-Fried is requesting a fresh trial, alleging that the government withheld facts and damaged his case. Because he believes Judge Kaplan is biased, he is also looking for a new judge.
Additionally, the founder of FTX still maintains that his now-defunct exchange was always solvent and able to pay back clients. Before the bankruptcy attorneys intervened, he claimed in the X post that FTX could afford to make a repayment in kind.
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