-
Bankman Fried’s parents are seeking clemency by Trump and meeting with legal figures within his orbit.
-
White House declines comment on pardon outreach
-
FTX Estate settles with LayerZero following prolonged legal battles.
Sam Bankman Fried, the founder of FTX who is currently in jail, has asked President Donald Trump for clemency. Meetings between his parents, Stanford Law School Professors Joseph Bankman & Barbara Fried, and lawyers and key figures within Trump’s orbit has fueled rumors of a possible pardon.
The crypto innovator-turned-convicted felon got a 25-year sentence in March 2024, for the forfeiture of $8 billion from FTX customers. More than two dozen letters have been sent to the judge since then pleading for leniency. Bankman-Fried’s lawyers also asked US District Judge Lewis Kaplan not to punish him more than 6.5 year, citing his mental state and charitable deeds.
SBF vs. Ulbricht: A Tale of Two Pardons
Many believe that Trump’s new pro-crypto narrative could be a continuation of his pardoning of Silk Road founder Ross Ulbricht, and changing his stance on cryptocurrency.
Bankman-Fried’s sentence, which he has called “draconian,” does not have the same grassroots support as Ulbricht received from libertarians or crypto enthusiasts.
White-collar criminals are encouraged by Trump’s recent shift from crypto-skepticism towards support, and his recent meeting with parents. Legal representatives for Bankman Fried, who has already appealed his conviction from 2023, have declined to comment.
Related: Trump Pardons Ross Ulbricht and Ends Life Sentence For Silk Road Crimes
LayerZero Settles With FTX Estate
This development coincides with a significant legal victory for the FTX estate. After two years of intense litigation, LayerZero’s CEO confirmed a settlement with the FTX Estate. “We decided that this was not us versus FTX, but us versus creditor,” the CEO said, highlighting the return of the original repurchase to the estate.
Related: Kraken Begins FTX Claim Payouts for Creditors Below $50K
FTX took legal action against LayerZero Labs in order to recover more than $21.3 millions in cryptocurrency deposits made by 2022. The withdrawal occurred 90 days before FTX declared bankruptcy. The resolution came at a high price, highlighting the long-term challenges faced by FTX and its creditors.
This site is for entertainment only. Click here to read more
