Crypto fraudster Sam Bankman-Fried apparently seeking Trump pardon

The founder and former head of the crypto exchange FTX, Sam Bankman-Fried, has been in prison for about two years for fraud, but is apparently working towards a pardon from Donald Trump. His strategy seems to be to gain the favor of the current US President through Trump-friendly posts on social networks. In various tweets, he supports, for example, Trump's policy on the Iran conflict and the change initiated by the US President at the head of the US stock exchange supervisory authority.

The US entrepreneur, also known briefly as SBF, Sam Bankman-Fried was sentenced to 25 years in prison at the end of March 2024. While the actual business of FTX with cryptocurrencies can be complicated, SBF was ultimately accused of classic fraud: embezzlement of customer funds. SBF was also behind a hedge fund called Alameda Research, which engaged in risky business and borrowed funds from FTX. An actually required hedging was omitted, and when Alameda's businesses went wrong, a hole of billions yawned in the FTX coffers, according to the indictment.

Pro-Trump tweets from SBF

Recently, the convicted crypto fraudster wanted a new trial to shorten his decades-long sentence. But the US government is opposing, as Coindesk reports. Now SBF is probably trying to get out of prison through other means. A few days ago, he supported Trump's Iran strategy in a post on X, posted via intermediaries approved by the judiciary. He also claims that oil prices were lower during Trump's presidency than under Joe Biden, both before and after his term, SBF claims on X, tagging Trump's X account.

Previously, SBF on X welcomed the change at the helm of the US Securities and Exchange Commission (SEC), after Trump replaced the previous head Gary Gensler with Paul S. Atkins. This is because Gensler was not only against cryptocurrencies but also worked against other US authorities such as the CFTC, which is responsible for regulating futures and options markets. Although SBF cannot post on X himself from prison, the posts are supposedly published by intermediaries after personal consultation with him, so they are considered “SBF's words”.

Other crypto pardons as a role model?

These posts fuel speculation that SBF is seeking the US President's favor. Although Donald Trump had previously said in an interview with the New York Times that he did not intend to pardon Bankman-Fried. However, the current US President is known for pardons in cases of financial crime. Immediately after his second term began in January 2025, Donald Trump pardoned the Silk Road founder Ross Ulbricht. He operated a marketplace on the darknet where, in addition to legal goods, drugs, pirated copies, and weapons were offered for cryptocurrency. He was sentenced to two life sentences but is now free thanks to Trump.

This preference for cryptocurrency matters could also benefit Sam Bankman-Fried, as Trump sought support from the industry before his re-election and received significant campaign donations from it in return. Ulbricht enjoys enormous popularity in crypto industry circles because his trading platform was one of the first to demonstrate the practical usability of the digital currency Bitcoin in trade. SBF probably hopes for similar favoritism if he openly supports Trump's policies.

(fds)