The post FTX Founder Sam Bankman Fried To Receive a Presidential Pardon? Truth OR Rumor? appeared first on Coinpedia Fintech News
Sam Bankman-Fried (SBF), the former CEO of the defunct crypto exchange FTX, has become the subject of growing rumors surrounding the possibility of him receiving a presidential pardon. With SBF facing a lengthy sentence for his crimes, the speculation grew after Billionaire founder Elon Musk, said he would be “shocked if this doesn’t happen.”
SBF To Get Presidential Pardon
Failed crypto exchange FTX, whose empire collapsed in November 2022, was convicted on all seven charges after a five-week trial that concluded in November 2023.
As a result, SBF was sentenced to 25 years in prison, though the U.S. government had requested a sentence between 40 and 50 years. His legal team had argued for a much shorter sentence of just six years.
Despite his conviction, the idea of a pardon has gained attention, mainly because of SBF’s close ties to the Democratic Party. He was one of the biggest donors to the party, which has led some to believe that his political connections might help him get a lesser sentence or even a pardon.
The upcoming bankruptcy proceedings for FTX, starting in January 2025, have led some to argue that pardoning SBF could help the country move on from the scandal.
Elon Musk Weighs In on the Possibility
The speculation surrounding a potential pardon gained further traction after Tesla CEO Elon Musk’s comments on X. Musk tweeted that he would be “shocked if this doesn’t happen,” adding fuel to the rumors.
The possibility of a pardon may have some credibility, considering President Joe Biden granted pardons to his son, Hunter Biden, on two separate charges despite earlier promises to avoid such actions.
Some even pointed to the fact that six charges against SBF were dropped, sparing him a second trial.
Polymarket Predict 16% Chances
Despite Musk’s confident prediction, the chances of President Biden granting a pardon to SBF seem low. According to Polymarket, a prediction market platform, the probability of a pardon is just 16%.
This number indicates that, according to market participants, the chances of such an event occurring are minimal.