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 opportunity of securing a pardon for his or her son from the US President Donald Trump.
In accordance with experiences, they met with legal professionals and people throughout Trump’s admission to debate clemency.
Trump has granted clemency to people in high-profile circumstances, together with the current 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 get well their funds. Nonetheless, not like Ulbricht, SBF doesn’t take pleasure in public help 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 searching for a presidential pardon from Donald Trump. Varied experiences 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 Dad and mom 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 Regulation College. His early schooling included Canada/USA Mathcamp, a program for mathematically gifted college students.
In a while, he pursued greater schooling on the Massachusetts Institute of Know-how (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 expertise.
After MIT, SBF’s profession started with an internship at Jane Road Capital, a buying and selling agency, the place he traded worldwide ETFs. He returned to Jane Road after commencement for full-time work. In 2017, he left Jane Road 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 foul 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 change. FTX rapidly grew to turn 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 shortage 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 because 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 accordance with experiences from sources like Bloomberg, Joseph Bankman and Barbara Fried have met with legal professionals and people near Trump’s circle to debate clemency for his or her son. These conferences passed off within the week of January 2025.
Throughout Sam Bankman-Fried’s sentencing, victims submitted quite a few impression statements. Victims expressed their private and monetary devastation attributable to the FTX collapse. The thought of clemency is miserable to those that detailed their losses and emotional misery in these statements.
Outrageous! Sam Bankman-Fried’s dad and mom are actually 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 damage numerous individuals.
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, taking into consideration the size and impression of the fraud.
Trump’s historical past of granting clemency, together with high-profile circumstances like Ross Ulbricht’s, would possibly pave the best way for SBF’s freedom. Nonetheless, many within the crypto neighborhood see Ulbricht as a logo of the battle in opposition to authorities management and for particular person privateness, free markets, and decentralization. The crypto neighborhood 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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