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Sam Bankman-Fried, the incarcerated chief of the now-defunct cryptocurrency exchange FTX, has formally submitted a clemency request to the U.S. Department of Justice’s Office of the Pardon Attorney, seeking a presidential pardon from President Donald Trump while serving a 25-year sentence for fraud and conspiracy.
The application, currently marked as pending in DOJ records, coincides with Bankman-Fried’s ongoing appeal of his conviction and sentence.
In a telephone conversation with FOX Business correspondent Susan Li—his inaugural on-record media engagement from detention—Bankman-Fried explicitly stated his desire for Trump’s intervention. “I assume that you would want a pardon from the White House?” Li inquired. “Absolutely,” Bankman-Fried responded. “It would be, obviously, ultimately up to the president, not up to me.”
When questioned about whether his parents or other family members were actively lobbying the administration on his behalf, Bankman-Fried offered a non-committal response: “I can’t speak for them.”
The pardon application is listed on the DOJ’s clemency case status portal under the description “pardon after completion of sentence.” The office confirmed that information regarding ongoing reviews is not made public.
President Donald Trump has declared that he will not pardon former FTX CEO Sam Bankman-Fried, thereby rejecting clemency for the convicted executive.
Bankman-Fried’s Downfall at FTX
Bankman-Fried received a 25-year sentence in federal prison on March 28, 2024, following a November 2023 verdict by a New York jury that found him guilty on all seven criminal charges, including two counts of wire fraud and five counts of conspiracy.
Prosecutors presented evidence showing his misappropriation of billions of dollars in customer funds to finance high-risk investments through his associated hedge fund, Alameda Research, as well as to fund political contributions and real estate acquisitions.
The court determined that FTX customers suffered losses totaling $8 billion, equity investors lost $1.7 billion, and lenders to Alameda Research incurred losses of $1.3 billion. Judge Lewis Kaplan mandated an $11 billion forfeiture.
Notwithstanding the verdict, Bankman-Fried maintains that his actions did not constitute theft.
“I didn’t steal user funds either,” he informed Li. “Customers have now been repaid approximately 170% of their deposits. It’s one of the rare instances where the platform was over-collateralized, and customers were more than compensated. Yet, there was not only a criminal investigation but also a prosecution and decades-long sentencing.”
He attributed the recovery of cryptocurrency markets during the FTX bankruptcy proceedings as the reason customer reimbursements surpassed their initial deposit amounts.
“It is a significant disservice to them that this process has taken three years,” he added.
The pursuit of clemency follows a pattern of public statements from Bankman-Fried over several months that echo Trump’s stances.
Through communications approved by the prison, he has lauded Trump’s decision to target Iran, credited the president with revitalizing the Securities and Exchange Commission via the appointment of Paul Atkins to succeed Gary Gensler, and highlighted the decrease in gasoline prices under the current administration.
This strategy bears resemblance to a prior political repositioning effort by Bankman-Fried. After being recognized as a major Democratic donor in 2020, he appeared on Tucker Carlson’s show in 2025 to indicate a convergence with conservative viewpoints.
This endeavor places Bankman-Fried among a cohort of prominent defendants who have received clemency from Trump since his return to office.
Trump previously granted pardons to Silk Road founder Ross Ulbricht, former Binance CEO Changpeng “CZ” Zhao, and the co-founders of BitMEX.
The collapse of FTX commenced in November 2022 subsequent to a CoinDesk report detailing concerns about its balance sheet, which linked FTX to Alameda Research. This report triggered a run on customer deposits, revealing a deficit of $8 billion in the exchange’s accounts.
Key figures within FTX, including former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang, provided testimony against Bankman-Fried after entering guilty pleas and cooperating with federal prosecutors.
According to the portal: bitcoinmagazine.com