FTT, the native token of the collapsed FTX exchange, rallied on Monday following reports that Sam Bankman-Fried has formally submitted an application for presidential clemency as Donald Trump prepares to issue 250 pardons to commemorate the 250th anniversary of the United States.
The FTX founder, currently serving a 25-year sentence for fraud and conspiracy, has become the subject of intense speculation within the cryptocurrency community regarding his potential inclusion in Trump's anticipated amnesty list. No official confirmation has been provided by the Trump transition team or Bankman-Fried's legal representatives regarding the status of the clemency application.
Bankman-Fried's legal team has been actively pursuing clemency options since his conviction in November 2023. A presidential pardon would represent a dramatic reversal for the once-prominent crypto executive whose empire collapsed in spectacular fashion in November 2022, triggering an estimated $8 billion shortfall in customer funds.