SBF Publicly Endorses Trump Policies From Prison
Sam Bankman-Fried, the former CEO of FTX currently serving a 25-year sentence for one of crypto's largest frauds, has launched a public relations campaign from prison. Using approved intermediaries to post on the social media platform X, Bankman-Fried has voiced support for President Donald Trump’s policies. On March 21, his account endorsed Trump's decision to launch military strikes against Iran, framing it as a necessary action to counter nuclear threats. Earlier posts praised the Trump administration for lower gas prices and for appointing Paul Atkins to lead the SEC, a move Bankman-Fried claimed eased regulatory pressure on the crypto industry. This series of statements is widely interpreted as a calculated effort to gain favor with the president and secure a pardon.
Washington Rejects Pardon Plea Amid Bipartisan Backlash
The strategy appears to be failing, provoking strong bipartisan opposition in Washington. Key Republican crypto advocates have publicly urged President Trump to reject any appeal. Senator Bernie Moreno (R-Ohio) dismissed the effort, stating, "The guy’s a piece of shit. The guy shouldn’t be pardoned." Senator Cynthia Lummis (R-Wyo.), a leading voice on digital asset legislation, expressed concern that Bankman-Fried's actions "muddy the water" for the industry's legislative efforts. This political backlash complicates any potential pardon, a long-shot effort given Trump previously told reporters he had no plans to grant one to Bankman-Fried.
FTX Estate Advances $2.2B Creditor Repayment
Bankman-Fried's campaign for freedom runs parallel to the unwinding of his former empire. The FTX Recovery Trust recently announced it will distribute about $2.2 billion to creditors, a significant step in the Chapter 11 bankruptcy process that aims for near-full recovery for many claimants. This distribution serves as a stark reminder of the scale of the financial damage caused by the exchange's collapse in 2022, which erased billions in customer funds and shattered market trust. While his lawyers filed a motion for a new trial in February, Bankman-Fried's public messaging suggests he is simultaneously pursuing a political solution outside the courtroom.
