Sam Bankman Fried (SBF), the founding father of FTX, was sentenced to 25 years in jail for fraud. His dad and mom have been exploring the potential for securing a pardon for his or her son from the US President Donald Trump.
In response to stories, they met with attorneys and people throughout Trump’s admission to debate clemency.
Trump has granted clemency to people in high-profile circumstances, together with the latest pardon of Silk Street founder Ross Ulbricht. SBF authorized workforce argues that his sentence is extreme, notably as they declare that almost all FTX prospects have managed to recuperate their funds. Nevertheless, not like Ulbricht, SBF doesn’t get pleasure from public assist for his pardon.
Sam Bankman-Fried, beforehand sentenced to 25 years for his involvement within the FTX cryptocurrency fraud, has his dad and mom actively looking for a presidential pardon from Donald Trump. Varied stories point out that authorized consultants are being consulted, highlighting an try to mitigate…
— Mike Sylvester, CPA (@FortWayneCPA) January 31, 2025
FTX Scandal Deepens: Victims’ Despair Grows as Sam Bankman-Fried’s Mother and father Name for Trump’s Mercy
SBF was born on March 6, 1992, in Stanford, California. He grew up with each dad and mom, Barbara Fried and Joseph Bankman, professors at Stanford Legislation College. His early training included Canada/USA Mathcamp, a program for mathematically gifted college students.
In a while, he pursued larger training on the Massachusetts Institute of Expertise (MIT), the place he graduated in 2014 with a bachelor’s diploma in physics, additionally minoring in arithmetic. His tutorial background laid the groundwork for his future in finance and know-how.
After MIT, SBF’s profession started with an internship at Jane Avenue Capital, a buying and selling agency, the place he traded worldwide ETFs. He returned to Jane Avenue after commencement for full-time work. In 2017, he left Jane Avenue to briefly work on the Centre for Efficient Altruism, the place the philosophy of “efficient altruism” influenced him, impacting his later enterprise choices.
The rise & fall of Sam Bankman-Fried
His father is a professor at Stanford. So is his mother.
Studied at MIT, baby prodigy
Apparently generally being too sensible is a nasty factor
— Romano (@RNR_0) November 10, 2022
In November 2017, Bankman-Fried based Alameda Analysis, a quantitative buying and selling agency specializing in digital belongings. By 2019, he launched FTX, a crypto alternate. FTX rapidly grew to change into one of many largest crypto exchanges, at one level valued at $32 billion. His wealth peaked at an estimated $26.5 billion, making him one of many wealthiest people below 30 in historical past.
SBF and his executives, together with his dad and mom, purchased quite a few properties within the Bahamas, totaling over $121 million. This included a $40 million penthouse in Albany, which he used as each a residence and a workspace.
SBF empire started to crumble in November 2022 after a CoinDesk report highlighted monetary points between FTX and Alameda Analysis. This led to a buyer withdrawal run that uncovered the dearth of liquidity and potential misuse of buyer funds.
FTX filed for chapter, and SBF resigned as CEO. Investigations revealed allegations of fraud, together with utilizing buyer cash to fund Alameda Analysis and for private bills.
Sam Bankman-Fried was arrested within the Bahamas on December 12, 2022, proper earlier than he was as a consequence of testify in entrance of Congress. The Bahamian authorities acted on a US request for his extradition to the U.S. for trial.
(supply)
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FTX Victims’ Outcry: Anger, Despair, and Calls for for Justice
In response to stories from sources like Bloomberg, Joseph Bankman and Barbara Fried have met with attorneys and people near Trump’s circle to debate clemency for his or her son. These conferences befell within the week of January 2025.
Throughout Sam Bankman-Fried’s sentencing, victims submitted quite a few influence statements. Victims expressed their private and monetary devastation attributable to the FTX collapse. The concept of clemency is miserable to those that detailed their losses and emotional misery in these statements.
Outrageous! Sam Bankman-Fried’s dad and mom at the moment are lobbying for a presidential pardon after he defrauded billions.
Justice shouldn’t be on the market. The FTX collapse destroyed belief, erased $8B in belongings, and harm numerous folks.
No particular offers for fraudsters. Let him serve…
— CryptoHondo (@CryptoHondo) January 31, 2025
Many victims really feel that the request for clemency by SBF’s dad and mom is an insult to FTX’s victims, who principally misplaced their life financial savings. Victims demand that justice be served with none particular concerns, considering the size and influence of the fraud.
Trump’s historical past of granting clemency, together with high-profile circumstances like Ross Ulbricht’s, would possibly pave the way in which for SBF’s freedom. Nevertheless, many within the crypto group see Ulbricht as an emblem of the combat in opposition to authorities management and for particular person privateness, free markets, and decentralization. The crypto group believes that Ulbricht’s case is a transparent instance of presidency overreach.
Will Trump free SBF? “Destiny goes ever as destiny should.”
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