SBF's parents pursue Trump pardon after 25-year sentence

The parents of Sam Bankman-Fried, the former CEO of FTX (CRYPTO:FTT), are reportedly exploring the possibility of securing a presidential pardon from Donald Trump for their son, who is currently serving a 25-year prison sentence for fraud.

According to a January 30 report by Bloomberg, Joseph Bankman and Barbara Fried have been consulting with legal experts and individuals connected to Trump’s administration to assess their options for clemency.

Bankman-Fried, once a prominent figure in the cryptocurrency industry, saw his empire collapse in late 2022 when FTX failed to process customer withdrawals, revealing extensive fraud and misuse of client funds.

His trial concluded in November 2023, resulting in convictions on seven charges, including wire fraud and securities fraud.

While many believed that Bankman-Fried's chances for clemency might have been better under the Biden administration, the current political climate has led to increased optimism among white-collar defendants seeking pardons.

Fairshake spokesperson Josh Vlasto noted that “we are keeping our foot on the gas,” reflecting a broader trend of high-profile individuals pursuing clemency under Trump’s presidency.

Legal consultant Sam Mangel mentioned that there has been a surge in requests from individuals convicted of financial crimes since Trump took office again, particularly after he granted clemency to Ross Ulbricht, the founder of Silk Road.

However, experts have pointed out that Bankman-Fried lacks the widespread public support that Ulbricht enjoyed during his clemency campaign.

Despite this, Bankman-Fried's defense team argues that his sentence was excessively harsh, especially since many FTX customers have reportedly recovered their funds.