According<\/a> to records maintained by the Justice Department’s Office of the Pardon Attorney, the fallen FTX founder recently submitted a request for a “pardon after completion of sentence,” with the application now listed as pending review.<\/p>\n\n\n\nThe move marks the latest twist in the spectacular downfall of the former cryptocurrency billionaire, who went from being Washington’s favorite crypto wunderkind to a convicted fraudster accused of stealing billions from customers.<\/p>\n\n\n\n
A federal jury found Bankman-Fried guilty on multiple fraud and conspiracy charges after prosecutors proved he illegally diverted customer funds from FTX to prop up his hedge fund Alameda Research, finance lavish spending, make venture investments, and shower politicians with campaign donations. He was sentenced to 25 years in prison in March 2024.<\/p>\n\n\n\n
From Democrat Megadonor to Trump Pardon Seeker<\/h3>\n\n\n\n
Bankman-Fried’s pardon request carries an extra layer of political irony.<\/p>\n\n\n\n
Before FTX imploded, he was one of the Democrat Party’s biggest donors, pouring millions into Democratic candidates and causes during the 2020 and 2022 election cycles.<\/p>\n\n\n\n
But since landing behind bars, the former crypto executive has increasingly sought to align himself with Trump and the MAGA movement, publicly criticizing the Biden Justice Department and portraying himself as a victim of political persecution. Reports indicate Bankman-Fried and his family have spent months exploring avenues to secure presidential clemency.<\/p>\n\n\n\n
The effort appears to be facing long odds.<\/p>\n\n\n\n
In January, Trump told The New York Times he had no plans to pardon Bankman-Fried, a position that has since been reiterated by White House officials.<\/p>\n\n\n\n
Trump’s Expanding Crypto Pardon Record<\/h3>\n\n\n\n
Still, Bankman-Fried may be encouraged by Trump’s increasingly aggressive use of presidential clemency during his second term.<\/p>\n\n\n\n
Trump has already issued a series of controversial pardons involving high-profile figures from the cryptocurrency world. Most notably, he pardoned Binance founder Changpeng “CZ” Zhao, who pleaded guilty in 2023 to anti-money laundering violations and served a four-month prison sentence.<\/p>\n\n\n\n
Trump has also extended clemency to BitMEX co-founder Arthur Hayes and other crypto-linked figures, fueling speculation that additional industry players could seek similar treatment.<\/p>\n\n\n\n
Critics argue the pattern reinforces the perception that wealthy and well-connected defendants have greater access to presidential mercy than ordinary Americans. Recent reporting has highlighted a growing ecosystem of lobbyists, attorneys, and political operatives attempting to secure pardons through connections to Trump’s orbit.<\/p>\n\n\n\n
Progressives Blast Pardon Push<\/h3>\n\n\n\n
Bankman-Fried’s latest maneuver quickly drew condemnation from financial reform advocates.<\/p>\n\n\n\n
Americans for Financial Reform, a progressive nonprofit watchdog, blasted the request as “one more striking indication of the level of impunity that crypto industry figures expect from the President.”<\/p>\n\n\n\n
“This particular wish may or may not be granted, but the request \u2014 despite Bankman-Fried’s conviction on multiple counts of fraud \u2014 should come as little surprise,” the group said Monday.<\/p>\n\n\n\n
Appeal Still Pending<\/h3>\n\n\n\n
The pardon application comes as Bankman-Fried continues to fight his conviction in court.<\/p>\n\n\n\n
His appeal remains pending before the U.S. Court of Appeals for the Second Circuit, and he has also sought a new trial, arguing prosecutors falsely portrayed FTX’s finances and that additional witnesses could challenge the government’s case.<\/p>\n\n\n\n
For now, however, the once-celebrated crypto king remains locked behind bars \u2014 waiting to see whether the president who says he won’t pardon him ultimately changes his mind.<\/p>\n\n\n\n