There is a growing speculation that U.S President Joe Biden may grant an early pardon to Sam Bankman-Fried (SBF), the founder of the defunct FTX Derivatives Exchange. For his fraudulent activities as the former CEO of FTX, Sam is currently serving a 25-year jail term. Per growing reports on social media, a Presidential pardan remains his most feasible hope of gaining his freedom soon. However, many question, will he get it?

Odds of Presidential Pardon for Sam Bankman-Fried

The speculations that a pardon might be on the way for SBF hinges on a related leniency that the President’s son Hunter Biden received earlier this month. Notably, Hunter Biden was on track to face sentencing for two Federal charges including gun ownership and tax offenses.

President Biden said Hunter deserved the pardon as he was targeted politically. Despite the controversial pardon, the decision is binding. The Hunter Biden case shows any offender can receive a pardon if a President chooses to exercise the rights.

While serving as the CEO of FTX, Sam Bankman-Fried ranked as one of the highest donors to the Joe Biden campaign. Notably, the Democratic Party remain one of the biggest beneficiaries of his charity donations.

A major uproar came earlier when the Department of Justice (DoJ) dropped thecampaign finance charges tied to SBF. This marked the first major benefit SBF has received from the Joe Biden administration. Industry leaders like John Deaton has flagged the special treatment the Biden administration is giving to SBF.

This trends has forced many to project that a full pardon might be underway for Sam Bankman-Fried, a move Elon Musk said will not come off as a shock if it happens.

I will be shocked if this doesn’t happen

— Elon Musk (@elonmusk) December 23, 2024

Meanwhile, President-elect Donald Trump has also promised to commute the sentense of Ross Ulbricht. Ulbricht founded the Silk Road and is serving a life sentence in the U.S.

What Became of FTX Derivatives Exchange?

Sam Bankman-Fried’s actions led to the collapse of the crypto exchange as it filed for bankruptcy in November 2022. With more than $8 billion shortfall, the trading platform has made extensive moves to recoup the funds.

After about two years in bankruptcy, Coingape reported that FTX has set January 3 to begin the creditor repayment process.

Meanwhile, Sam Bankman-Fried, Caroline Ellison, and Ryan Selkis got different jail sentences for their role. It remains unclear if any potential pardon will extend to them as well.

The post Will President Joe Biden Pardon FTX Founder Sam Bankman-Fried? appeared first on CoinGape.

---

Filed under: News - @ December 23, 2024 8:24 pm