Ah, the tangled web of the crypto world! The parents of the infamous FTX co-founder, Sam Bankman-Fried, have reportedly been exploring options to obtain a pardon for their son from none other than the former US President, Donald Trump. According to a Bloomberg report, Stanford Law School professors Joseph Bankman and Barbara Fried have been discussing potential clemency for their 32-year-old son in recent weeks with attorneys and individuals linked to Trump’s circle.
The question remains: will the former President grant the pardon? The answer is as elusive as the fate of the missing billions in the FTX debacle. In the meantime, let’s take a moment to appreciate the irony of a man who once preached the virtues of transparency and accountability now relying on the mercy of a man who once said, “I could stand in the middle of Fifth Avenue and shoot somebody, and I wouldn’t lose voters.” 😜
The Pardon Puzzle
Following the collapse of FTX, a number of its former executives have been granted sentence reductions in exchange for their cooperation with investigators. Caroline Ellison, who once led Alameda Research, was granted a reduced sentence for cooperating with prosecutors investigating FTX’s collapse. Former FTX executive Ryan Salame also received a sentence reduction, and FTX’s ex-technology chief, Gary Wang, and former engineering chief Nishad Singh similarly benefited from a reduced sentence after assisting authorities.
However, Bankman-Fried’s case seems to be an exception to the rule. He was sentenced to 25 years in prison on March 28, 2024.
The latest efforts to secure Bankman-Fried’s release follow a trend of seeking clemency for prominent figures behind bars. A notable example is Ross Ulbricht, the creator of the Silk Road darknet marketplace, who was granted a pardon by Trump on January 21st after his supporters campaigned for years.
But will Bankman-Fried receive the same level of backing as Ulbricht? Only time will tell.
FTX Reorganization Plan: A Silver Lining?
FTX’s court-approved reorganization plan, which took effect on January 3, will return up to 119% of creditor claims. Under this plan, an initial group called “convenience classes” – which includes users with claims of $50,000 or less – will be the first to receive payments.
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2025-02-01 07:49