The parents of former FTX CEO Sam Bankman-Fried are reportedly exploring avenues to secure a presidential pardon for their son from former U.S. President Donald Trump. Bloomberg first reported the news, citing anonymous sources familiar with the matter.

Sam Bankman-Fried, once a prominent figure in the cryptocurrency industry, was sentenced to 25 years in prison in March 2024 after being convicted on multiple fraud charges. A federal jury found him guilty of defrauding billions from investors and customers of the now-defunct crypto exchange FTX. The case was widely described as one of the largest financial frauds in U.S. history.

FTX collapsed in late 2022 after it was unable to fulfill customer withdrawal requests, exposing what prosecutors called a fraudulent scheme involving the misuse of customer funds. Following a lengthy trial, Bankman-Fried was convicted on charges including wire fraud, securities fraud, and commodities fraud.

According to Bloomberg, Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, have consulted with attorneys and individuals close to Trump’s circle to assess whether clemency is a viable option. However, there is no confirmation that they have made direct contact with the Trump administration.

Unlike Ross Ulbricht, who was seen as a symbol of government overreach, Bankman-Fried’s case involved billions in financial losses, affecting retail investors, institutional clients, and regulatory bodies. Additionally, he was a major political donor to the Democratic Party, having contributed $5.2 million to President Joe Biden’s 2020 campaign—an aspect that could complicate efforts to seek leniency from Trump.

Current betting markets reflect skepticism. On Polymarket, Bankman-Fried’s odds of receiving a presidential pardon within Trump’s first 100 days remain low at 6%, up slightly from 4% earlier in January. In contrast, Ulbricht had a 95% chance leading up to his release, bolstered by public endorsements from influential figures like Elon Musk.

As of now, there is no official confirmation from Trump’s team regarding any discussions about clemency for Bankman-Fried. While his parents appear to be exploring their options, the likelihood of success remains uncertain, particularly given the scale of financial damage caused by FTX’s collapse.

The Block Article