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Rumors suggest Biden may pardon FTX founder
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Sam Bankman-Fried (SBF), founder of FTX, could be about to become a free man if rumors about a presidential pardon are confirmed.
The story gained traction following a tweet from Wall Street Mav, who stated:
“Guess who could receive an early pardon from President Biden? The Democrats’ second-largest donor.”
The impact increased even further when Elon Musk chimed in, saying: “I’ll be shocked if that doesn’t happen.”
SBF: from king of cryptocurrencies to prisoner
SBF serves a 25-year sentence in Mendota federal prison after being convicted in November 2023 of fraud and conspiracy in one of the biggest financial scandals in recent history. Now, the rumors of a possible pardon put more fire into this political powder keg.
At the height of his career, SBF was considered untouchable. He founded FTX in 2019 and grew the company into a trading empire. US$32 billion in just two years.
More than a million users entrusted their assets to its platform. However, in November 2022, everything fell apart. THE FTX collapsedand SBF was arrested in the Bahamas at the request of the USA.
Investigations revealed that he embezzled billions of dollars from users to cover holes in Alameda Research, his hedge fund. The proceeds also financed personal luxuries, such as a $30 million penthouse in the Bahamas.
His lawyers argued that he was just a “naive nerd” who lost control of the situation, but the jury didn’t buy the story. In 2023, he was sentenced to 25 years in prison (and could face an additional 25 years, according to the DOJ) and ordered to pay back $11.02 billion.
The founder of FTX not only managed a cryptocurrency platform, but also made substantial political donations. In 18 months, he allocated more than US$70 million to political campaigns, becoming one of the largest donors in US history.
Rumors suggest Biden may pardon FTX founder
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Rumors suggest Biden may pardon FTX founder
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Rumors suggest Biden may pardon FTX founder
