Sam Bankman-Fried's parents, Joseph Bankman and Barbara Fried, are looking into the possibility of asking President Trump for a pardon.
They want to seek clemency for their son, who was sentenced to 25 years in prison last March.
According to a Bloomberg report from January 30, they've met with lawyers and people close to the Trump administration to see if a pardon might be possible.
Once seen as a star in the crypto world, Bankman-Fried's reputation took a hit in late 2022 when FTX couldn't process customer withdrawals. The exchange collapsed quickly, exposing a business built on fraud and misuse of funds.
His criminal trial wrapped up in November 2023. He was found guilty on seven charges, including wire fraud and securities fraud. The court handed down his sentence on March 28, 2024.
Many in the crypto community thought Bankman-Fried might have a better chance of getting clemency under former President Biden. However, the Trump administration has become a strong ally for the industry. While this may not guarantee a lighter sentence for him, there’s growing hope among white-collar defendants that President Trump might be willing to listen to their cases.
White-collar prison consultant Sam Mangel shared with Bloomberg that several defendants have submitted clemency requests since Trump took office. Their chances for clemency likely increased after Trump kept his promise to pardon Silk Road founder Ross Ulbricht, who served 11 years of a double life sentence.
But it’s worth noting that, unlike Bankman-Fried’s situation, “Ulbricht’s case is often seen as a symbol of perceived government overreach,” said Lucien Bourdon, a Bitcoin analyst at Trezor.