Former cryptocurrency tycoon Bankman-Fried wants a pardon from Trump

Sam Bankman-Fried, the former cryptocurrency tycoon and founder of FTX, expressed his desire to "absolutely" want a pardon from President Donald Trump, speaking from federal prison after serving a 25-year sentence for fraud, claiming that the prosecution of him was unfair and the repayments made to FTX customers.

As the cryptocurrency markets rebounded, Bankman-Fried also expressed regret for missing the artificial intelligence boom and praised Elon Musk's business acumen, speaking with Fox Business. "Obviously, you know, the decision would ultimately rest with the president, not me," he added about the possibility of a pardon.

In March 2024, the former cryptocurrency king was sentenced to 25 years in prison, guilty of two counts of wire fraud and five counts of conspiracy, following the collapse of his FTX cryptocurrency empire in November 2022. The court ruled that FTX's customers lost $8 billion, FTX's equity investors $1.7 billion, and hedge fund backers Alameda Research (founded by Bankman-Fried) $1.3 billion.

Despite the conviction, Bankman-Fried claimed the injustice of the criminal proceedings against him, pointing out that the bankruptcy proceedings' payouts have increased, partly due to the recovery of the cryptocurrency markets.

"I also did not steal users' funds. Customers received refunds of about 170% of their deposits. It is one of the very rare cases where the platform was over-collateralised and customers were more than compensated. Yet, there was not only a criminal investigation, but an actual trial. And, in short, sentences of dozens of years in prison. I can only say what I think: at the end of the day, the clients received almost double what they had on the platform,' said Bankman-Fried, for whom 'it is a great loss to them that it took three years'.