FTX Founder Sentenced to 25 Years Bets on Retrial After Trump Rejects Pardon

▲ FTX, Sam Bankman-Fried/ChatGPT-generated image

FTX founder Sam Bankman-Fried has filed for a retrial citing new witness testimony, continuing his desperate legal battle, but he has run into a massive obstacle after the White House rejected the possibility of a presidential pardon.

According to cryptocurrency-focused media outlet Cointelegraph on Feb. 26 (local time), Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York ordered the U.S. government to submit a response by March 11 regarding the retrial request filed by former FTX CEO Sam Bankman-Fried. Bankman-Fried was convicted in 2023 on seven felony counts and sentenced in March 2024 to 25 years in prison. He recently requested a retrial, claiming that new evidence could prove his innocence.

Once hailed as a star of the digital asset industry before falling into disgrace as a fraudster, Bankman-Fried continues to pursue legal remedies from prison, asserting his innocence. His legal team is appealing both the conviction and the sentence, and the Second Circuit Court of Appeals has yet to issue a final ruling. While former Alameda Research CEO Caroline Ellison was released in January after serving 440 days in prison, Bankman-Fried remains incarcerated under heavy security. Former FTX Digital Markets co-CEO Ryan Salame was also sentenced to more than seven years in prison and is currently serving his term.

After initially remaining silent in prison, Bankman-Fried has recently voiced support for U.S. President Donald Trump on social media, raising allegations of political bias. In an interview with political commentator Tucker Carlson, he claimed he had maintained better relationships with Republicans than with Democrats. These actions reportedly led to his transfer to a federal prison, and he has continued posting messages on X (formerly Twitter) asserting that “political bias” influenced his case.

Despite Bankman-Fried’s broad efforts to seek favor, the White House has drawn a firm line regarding the possibility of a pardon. It has repeatedly confirmed that Trump is not considering granting clemency to Bankman-Fried. This stands in contrast to Trump’s actions since taking office, including pardoning former Binance CEO Changpeng Zhao and Silk Road founder Ross Ulbricht, moves seen as favorable to the digital asset industry.

The fate of Bankman-Fried’s retrial request now depends on the contents of the U.S. government’s forthcoming response and the court’s judgment. The government is expected to closely examine the credibility of the newly claimed testimony and its potential impact on the original verdict before submitting its position. With the political avenue of a pardon effectively blocked, Bankman-Fried is staking everything on finding a legal breakthrough.

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