SBF Seeks Presidential Pardon While Serving 25‑Year Term

Sam Bankman-Fried has submitted a petition for a presidential pardon to the White House clemency process while serving a 25-year federal prison sentence. Records from the Justice Department’s Office of the Pardon Attorney list the application as pending.

Bankman-Fried, often referred to by his initials SBF, was convicted in November 2023 by a federal jury in New York on seven counts, including fraud, embezzlement and conspiracy. He remains incarcerated and has filed an appeal of the conviction.

Prosecutors say Bankman-Fried directed or allowed extensive misuse of customer funds, transferring billions of dollars between FTX and Alameda Research, the trading firm he founded. The transfers and a liquidity shortfall at FTX contributed to the exchange’s collapse in late 2022 and the subsequent bankruptcies of FTX and related entities.

The Department of Justice’s clemency office will review the petition and supporting materials before any recommendation is sent to the White House. A presidential pardon, if granted, would affect the legal consequences of his conviction.

Since returning to office, the president has granted pardons in several white-collar and financial crime cases. The president has indicated he did not intend to pardon Bankman-Fried, and the pardon request has not been approved.

Supporters of Bankman-Fried have argued his actions reflected poor judgment rather than clear criminal intent. Prosecutors maintained that customer funds were used improperly and that public statements to investors and customers were deceptive.

The collapse of FTX prompted regulatory scrutiny and calls for clearer rules for cryptocurrency exchanges and trading operations. The failure affected customers, employees and investors worldwide. Bankman-Fried continues to pursue appellate remedies while his clemency petition remains under review.