FTT Price Surges on False Trump Pardon Report
FTX’s native token, FTT, jumped approximately 43% to $1.3 on Saturday following a false report that former FTX CEO Sam Bankman-Fried was pardoned by former President Donald Trump.
There is no verifiable evidence of a pardon for Bankman-Fried on the Justice Department’s website, which lists clemency grants issued by President Trump.
Several figures in the crypto industry have previously received presidential pardons, including BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, as well as Silk Road creator Ross Ulbricht.
Bankman-Fried is reportedly seeking a presidential pardon from Trump, supported by his parents, Joseph Bankman and Barbara Fried, and other allies. This effort comes as he faces a 25-year prison sentence after his conviction on fraud charges related to the collapse of FTX.
Binance co-founder Changpeng “CZ” Zhao also mentioned in a recent interview that his team had applied for a pardon from President Trump.
Experts consider Bankman-Fried’s chances of receiving a pardon to be low, citing Trump’s transactional approach to clemency and Bankman-Fried’s prior affiliations with the Democratic Party as potential hindrances.
Key Takeaways
- FTT Price Surge: FTT rose 43% due to a false report of a Trump pardon for Sam Bankman-Fried.
- Pardon Odds: Experts believe Bankman-Fried’s chances of a presidential pardon are slim.
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