Sam Bankman-Fried, serving 25 years for wire fraud and conspiracy tied to FTX's collapse, submitted a presidential pardon application via the Department of Justice's Office of the Pardon Attorney. The request follows Donald Trump repeatedly rejecting clemency. FTT, the defunct FTX token, surged 50% to $0.35 within 24 hours as trading volume exploded 600% to $16 million.
Pardon Application Filed
Bankman-Fried used the standard DOJ portal for federal prisoners seeking clemency. He's been incarcerated since November 2023 after his conviction for diverting billions in customer funds to cover Alameda Research's trading losses and political donations. Trump has publicly stated he won't grant a pardon, calling Bankman-Fried a “scam.” The review process typically takes months with no set deadline.
FTT's Unlikely Rally
FTT jumped from $0.23 to $0.35 despite being a ghost asset with no utility or active development team. Binance handled 30% of the $16 million in trading volume, a 600% spike from normal levels. The token has no underlying business since FTX's bankruptcy and Ryne Miller, the firm's former general counsel, confirmed insufficient assets existed to repay users during the 2022 collapse.
Prosecution Evidence
Federal prosecutors proved Bankman-Fried misappropriated customer funds for Alameda's losses and political giving. Former FTX executives Caroline Ellison, Gary Wang, and Nishad Singh testified against him during the trial. Their testimony helped secure his 25-year prison sentence for wire fraud and conspiracy charges. The court found no legitimate use for the billions he moved.
Next Review Steps
The Office of the Pardon Attorney will now evaluate the application internally. Polymarket places an 8% chance on a pardon being granted by December 31. The Department of Justice hasn't indicated any timeline for its assessment, which follows standard procedure for federal clemency requests.
