Bankman-Fried Pardon Push
Bankman-Fried's Parents Seek Trump Pardon
According to a Bloomberg report, Sam Bankman-Fried's parents, Stanford Law professors Joseph Bankman and Barbara Fried, are exploring the possibility of securing a presidential pardon for their son from Donald Trump.
This move follows Trump's recent pardon of Ross Ulbricht, the founder of Silk Road, sparking interest among other white-collar defendants facing lengthy sentences.
Details of the Pardon Effort
- The Bankmans have reportedly engaged in discussions with legal professionals and individuals connected to Trump's network.
- It remains unclear if direct contact with the White House has been established.
- SBF is currently serving a 25-year sentence for fraud related to the collapse of FTX.
Bankman-Fried's defense centers around the argument that his sentence is excessive, citing the significant recovery of funds for FTX customers. While the FTX collapse initially resulted in $8 billion in lost customer assets, bankruptcy filings show a potential recovery of up to $16 billion, largely due to the rebounding crypto market. A court-approved reorganization plan aims to return up to 119% of creditor claims.
Impact on the Crypto Industry
The FTX failure significantly impacted the broader crypto market, causing a decline from a $3 trillion market cap in 2021 to a low of $796 billion during the crisis. This pardon attempt highlights the ongoing legal and regulatory uncertainties within the industry.
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At Codeum, we are committed to strengthening the security and transparency of the blockchain ecosystem. Our services, including smart contract audits, KYC verification, and custom smart contract development, aim to prevent future collapses and enhance trust in blockchain technology. We also offer tokenomics and security consultation, and partner with launchpads and crypto agencies to ensure robust security practices from the outset.