Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX, currently incarcerated, has submitted a formal clemency petition to the U.S. Department of Justice’s Office of the Pardon Attorney. Through this petition, he is seeking a presidential pardon from President Donald Trump, as he serves a 25-year sentence for offenses related to fraud and conspiracy.
The clemency application is noted as pending in the Department of Justice’s records and accompanies Bankman-Fried’s ongoing appeal against both his conviction and sentence.
In a recent telephonic interview with FOX Business correspondent Susan Li, which marked his first media appearance while incarcerated, Bankman-Fried expressed his desire for presidential intervention. When Li inquired about his expectations regarding a pardon, Bankman-Fried affirmed his hope, stating, “It would be, obviously, ultimately up to the president, not up to me.”
When questioned about whether family members were advocating on his behalf, Bankman-Fried deflected, stating, “I can’t speak for them.”
The pardon application is categorized in the DOJ’s clemency case status portal as a request for a “pardon after completion of sentence.” The office has confirmed that ongoing review details remain confidential and are not disclosed publicly.
In response to Bankman-Fried’s petition, President Donald Trump has publicly stated that he will not grant a pardon to the former FTX CEO, thereby rejecting the request for clemency.
Bankman-Fried’s FTX Downfall
On March 28, 2024, Bankman-Fried was sentenced to 25 years in federal prison after a New York jury found him guilty on all seven criminal counts in November 2023, which included two counts of wire fraud and five counts of conspiracy.
Prosecutors illustrated that he misappropriated billions of dollars in customer deposits to support high-risk investments through his affiliated hedge fund, Alameda Research, while simultaneously financing political donations and real estate acquisitions.
The court determined that FTX customers incurred losses of $8 billion, equity investors in FTX lost $1.7 billion, and lenders to Alameda Research lost $1.3 billion. Judge Lewis Kaplan mandated an $11 billion forfeiture.
In spite of the verdict, Bankman-Fried continues to reject the characterization of his actions as theft.
“I didn’t steal user funds either,” he articulated during the interview. “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 made more than whole. And yet there was not just a criminal investigation but a prosecution and dozens of years of sentence.”
He attributed the customer payouts exceeding the original deposit amounts to the recovery of cryptocurrency markets during the FTX bankruptcy proceedings.
Bankman-Fried further remarked, “It’s a great disservice to them that it has taken three years.”
The request for clemency appears to follow a pattern of public remarks from Bankman-Fried that align with positions espoused by Trump.
Communicating through sanctioned methods while in prison, he has lauded Trump’s military actions, acknowledged the president’s positive influence on the Securities and Exchange Commission through the appointment of Paul Atkins, and highlighted the decrease in gasoline prices under the current administration.
This strategic approach reflects a political positioning shift reminiscent of Bankman-Fried’s previous moves—shifting from a significant Democratic donor in 2020 to signaling alignment with conservative audiences during a 2025 appearance on Tucker Carlson’s program.
His clemency bid places him among notable defendants who have received pardons from Trump following his return to office.
Notable recipients of Trump’s clemency have included Silk Road founder Ross Ulbricht, former Binance CEO Changpeng “CZ” Zhao, and the co-founders of BitMEX.
The collapse of FTX transpired in November 2022 after CoinDesk highlighted balance sheet discrepancies connecting FTX with Alameda Research, instigating a customer run that revealed an $8 billion deficit in the exchange’s accounts.
Key insiders from FTX, including former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang, testified against Bankman-Fried after entering guilty pleas and cooperating with federal prosecutors.
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