SBF files Trump pardon request as FTT jumps 50% on speculation

Sam Bankman-Fried formally applied for a presidential pardon on June 8, more than two years after his conviction for orchestrating the $8 billion FTX fraud, sending the exchange's FTT token up 50 percent.

The 34-year-old former FTX co-founder submitted a request to the US Justice Department's Office of the Pardon Attorney seeking a "pardon after completion of sentence," according to the office's website, which was first reported by Bloomberg Tax. Bankman-Fried is serving a 25-year federal prison sentence imposed in March 2024 after a jury convicted him in November 2023 on seven counts of fraud, conspiracy and money laundering tied to the November 2022 collapse of FTX and Alameda Research.

"Sam has maintained that the prosecution was unjust and that creditors have been largely repaid as crypto markets recovered," a person familiar with his legal strategy said, speaking on condition of anonymity because the matter is ongoing. FTX's bankruptcy estate has distributed billions to customers, with many classes recovering 100 percent to 120 percent of allowed claims valued at the November 2022 petition date, including a $2.2 billion distribution in March 2026.

The application caps months of public positioning by Bankman-Fried, who has used social media and interviews with conservative outlets to argue his case. In a recent Fox Business interview from prison, he praised Elon Musk's SpaceX and expressed regret for missing the artificial intelligence boom. His parents, Stanford law professors Joseph Bankman and Barbara Fried, have explored clemency options with Trump-connected lawyers since early 2025, according to people familiar with the matter.

President Donald Trump has used his pardon powers expansively during his second term, granting clemency to hundreds of individuals including many convicted of financial crimes such as money laundering, bank fraud and wire fraud. However, Trump explicitly ruled out a pardon for Bankman-Fried in a January 2026 New York Times interview, and White House statements have since grouped the FTX founder with figures the administration has no plans to help. Pro-crypto Republicans in Congress have also pushed back, with one lawmaker calling Bankman-Fried "a piece of s--t" unfit for mercy, according to a report from BeInCrypto.

FTT, the native token of the now-defunct FTX exchange, surged 50 percent following the news of the pardon application, reflecting speculative bets that clemency could revive the FTX narrative. The token's rally comes despite the long odds: Polymarket bettors see only a 7 percent probability that Bankman-Fried receives a pardon in 2026. The Justice Department will review the application under standard procedures, though presidents can act independently of the formal process. Bankman-Fried's appeal of his conviction also continues.

This article is for informational purposes only and does not constitute investment advice.