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False Reports of Trump Pardoning Sam Bankman-Fried Ignite Debate; FTT Token Skyrockets
Sam Bankman-Fried (SBF), the disgraced former CEO of crypto giant FTX, who is currently serving a 25-year prison sentence for fraud, has found himself at the center of a heated media frenzy. The uproar stemmed from widespread but false reports alleging that former U.S. President Donald Trump had issued him a presidential pardon.
The rumors began circulating on October 19, igniting speculation across social media and crypto forums. However, a thorough investigation into the official U.S. Department of Justice pardons database confirmed the claims were baseless and completely untrue.
Nonetheless, the impact on the crypto markets was immediate. FTX’s native cryptocurrency, FTT, saw a dramatic surge in value. Within hours of the false reports breaking, the token’s price spiked by approximately 43%, briefly reaching $1.30 before retracing.
SBF’s Supporters Allegedly Lobbying for Pardon
While the rumors of Trump granting clemency were proven false, insider sources indicate that efforts to secure a presidential pardon for Bankman-Fried may still be ongoing. Reports suggest an organized campaign led by SBF's parents, Joseph Bankman and Barbara Fried, alongside a network of supporters, is actively lobbying to appeal to Trump for clemency.
This move resonates with other examples of individuals in the cryptocurrency space seeking clemency in the past. High-profile figures, including BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, as well as Silk Road founder Ross Ulbricht, have successfully petitioned for leniency or presidential pardons. More recently, Binance’s co-founder, Changpeng Zhao (CZ), has also been linked to rumors of a similar clemency appeal.
Will SBF’s Pardon Efforts Succeed? Experts Think Not
Despite these efforts, legal and political experts express skepticism about the likelihood of Bankman-Fried securing clemency. Analysts emphasize that Trump’s history of granting pardons often involves an element of strategic political calculation. Given Bankman-Fried’s well-documented ties to the Democratic Party, many believe his pardon bid faces significant hurdles under Trump’s purview.
This unfolding saga highlights the precarious interplay between the cryptocurrency sector and political machinations. Furthermore, it underscores the uphill battle faced by individuals with criminal convictions who seek clemency in a highly divisive political environment.
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