The former crypto billionaire behind one of the biggest financial frauds in history, Sam Bankman-Fried, has formally applied for a pardon from President Donald Trump, according to information published on the United States Justice Department’s website.
Bankman-Fried, 34, co-founded the collapsed cryptocurrency exchange FTX and was sentenced to 25 years in prison in 2024 over a massive fraud scheme that shook the crypto industry.
Bloomberg first reported that the request filed with the Justice Department was for a “pardon after completion of sentence.”
Such a pardon would not wipe away Bankman-Fried’s conviction, but it could restore certain civil rights after he completes his prison term, including the right to vote and serve on a jury, according to the DOJ website.
It could also remove obstacles related to employment, housing, licensing, and education.
During his time as CEO of FTX, Bankman-Fried emerged as one of the largest donors to Democratic political campaigns and causes.
However, while serving his prison sentence, he has publicly expressed support for the Trump administration on social media.
In an interview with Fox Business published on Monday, Bankman-Fried said he “absolutely” wants a presidential pardon.
The Justice Department website shows that the pardon application was submitted sometime in 2026, although the exact filing date was not disclosed publicly.
A White House spokesperson declined CNN’s request for comment but referenced a January interview Trump gave to the New York Times, where the president said he would not pardon Bankman-Fried.
Once regarded as a rising star in the cryptocurrency world, Bankman-Fried saw FTX reach a valuation of $32 billion at its peak.
But the company collapsed in 2022 after filing for bankruptcy amid billions of dollars in withdrawal requests, sparking panic across the crypto market.
Federal prosecutors accused him of secretly diverting billions of dollars in customer funds from FTX to Alameda Research, his crypto hedge fund.
Authorities said the money was used for risky investments, political contributions, and luxury real estate purchases, among other expenses.
Bankman-Fried was eventually convicted on multiple fraud and conspiracy charges, including wire fraud, securities fraud, and conspiracy to commit money laundering.
As part of the sentence, Judge Lewis Kaplan ordered him to forfeit more than $11 billion in assets and proceeds connected to the fraud.
While delivering the sentence in 2024, Kaplan warned there was a risk “that this man will be in a position to do something very bad in the future, and it’s not a trivial risk.”
