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Convicted FTX founder Sam Bankman-Fried has formally applied for a presidential pardon while continuing to maintain his innocence from federal prison.
Sam Bankman-Fried, the disgraced co-founder of the collapsed cryptocurrency exchange FTX, has formally submitted an application for a presidential pardon from his federal prison cell [1]. Despite being sentenced to 25 years in prison for a multi-billion-dollar fraud, the former billionaire continues to argue that his prosecution was unjust and that he did not steal customer funds [1, 2].
Key takeaways
Bankman-Fried’s request for executive clemency comes as he continues to challenge his 2024 sentencing, which followed a high-profile trial where he was found guilty of stealing billions from customers [1, 2]. In an exclusive interview, Bankman-Fried confirmed he "absolutely" wants a pardon, though he stated he has not personally lobbied the White House or the president [1, 2]. The White House has maintained its position that the president is not considering such a request [2].
The former crypto mogul’s argument for release centers on the current status of the FTX bankruptcy estate. Bankman-Fried asserts that the platform was over-collateralized and that customers have been made more than whole [1, 2]. However, the bankruptcy estate notes that while customers are being repaid in full, the calculations were based on depressed cryptocurrency prices from November 2022, meaning customers did not benefit from the subsequent market rebound [2]. Furthermore, the estate’s recovery figures are lower than the 170% figure cited by Bankman-Fried [2].
Bankman-Fried’s path to a pardon faces significant political obstacles, particularly given his history as a major donor to Democratic political campaigns during the 2022 election cycle [1]. While he admitted to also funneling money to Republican-aligned groups through dark money channels, his public reputation as a top Biden donor has complicated his standing with the current administration [1].
In addition to his pardon application, Bankman-Fried is pursuing a legal appeal. His attorneys have argued that he was "hamstrung" by prejudicial rulings during his original trial and are seeking a new proceeding [1]. A three-judge panel heard oral arguments on November 4, 2025, and a ruling from the Second Circuit Court of Appeals is expected in 2026 [1].
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It would not erase his conviction, but it would restore certain civil liberties, such as the right to vote or serve on a jury, and lift barriers to housing, employment, and licensing.
No; in a January 2026 interview with the New York Times, President Trump explicitly stated that he does not plan to pardon Bankman-Fried.
He was convicted of multiple counts of fraud and conspiracy, including wire fraud, securities fraud, and conspiracy to commit money laundering, related to the collapse of his crypto exchange, FTX.
The case remains a flashpoint in the financial and political spheres, highlighting the intersection of high-stakes crypto regulation and executive power. While some, such as attorney Adam Moskowitz, have expressed a willingness to support a pardon due to Bankman-Fried’s cooperation with the bankruptcy estate, others like Senator Bernie Moreno remain firmly opposed to any form of leniency [2]. As the legal system continues to process his appeal, Bankman-Fried remains in prison, where his public profile has been bolstered by unexpected attention, including a recent mention in a song by the rapper Drake [1, 2].