Key Takeaways
- Sam Bankman-Fried’s parents are seeking a presidential pardon from Donald Trump.
- The effort follows Trump’s recent use of clemency powers, including his pardon of Silk Road founder Ross Ulbricht.
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Sam Bankman-Fried’s parents are seeking a presidential pardon from Donald Trump, according to a Bloomberg report.
Stanford Law School professors Joseph Bankman and Barbara Fried have reportedly held discussions with lawyers and individuals in Trump’s network about clemency for their son, who is serving a 25-year sentence for fraud.
It remains unclear if they have made direct contact with the White House, according to the report.
The push for clemency follows Trump’s recent pardoning of Silk Road founder Ross Ulbricht, which has drawn attention from white-collar defendants.
Bankman-Fried, a former major political donor, is framing his case around claims of an excessive sentence, noting that FTX customers have recovered most of their funds.
The 2022 collapse of FTX erased $8 billion in customer assets, but the company is now recovering up to $16 billion, aided by the rising value of crypto assets, according to bankruptcy filings.
A court-approved reorganization plan is set to return up to 119% of creditor claims.
The FTX failure contributed to a broader market decline, with crypto’s total market value dropping from $3 trillion in 2021 to $796 billion at the lowest point of the collapse.
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