The price of FTT, the token once associated with the collapsed FTX exchange, soared more than 50% within minutes after former FTX chief executive Sam Bankman-Fried revealed that he would welcome a presidential pardon from Donald Trump.
The sharp rally followed an interview with Fox Business, where Bankman-Fried stated that he would “absolutely” accept clemency if it were offered by the White House.
SBF Open to Presidential Clemency
During a phone interview with journalist Susan Li, Bankman-Fried confirmed his interest in receiving a presidential pardon. However, he declined to comment on whether members of his family are actively seeking one on his behalf, saying he could not speak for their actions.
The former crypto executive is currently serving a 25 year prison sentence handed down in March 2024 following the collapse of FTX in late 2022.
Conviction Followed Historic FTX Collapse
Bankman-Fried was found guilty on multiple criminal charges, including wire fraud and conspiracy, after prosecutors argued that billions of dollars in customer funds were improperly handled.
Court proceedings concluded that the collapse caused substantial losses across the crypto industry. FTX customers were estimated to have lost roughly $8 billion, investors suffered losses of about $1.7 billion, and lenders connected to Alameda Research reportedly lost around $1.3 billion.
Despite his conviction, Bankman-Fried has continued to challenge aspects of the case and maintain that he did not intentionally steal customer assets.
Bankruptcy Recoveries Form Part of His Defense
In the interview, SBF pointed to developments in the ongoing bankruptcy process, arguing that many former FTX users have recovered more than the value of their original account balances due to the significant rebound in cryptocurrency prices since the exchange collapsed.
According to his assessment, some customers may ultimately receive as much as 170% of their initial holdings. He suggested that these recoveries demonstrate that the platform was effectively overcollateralized despite its downfall.
FTT Reacts With Explosive Rally
Investors responded swiftly to the interview. The exchange’s native token, FTT, jumped more than 50% on the day and climbed to approximately $0.37, reaching its highest level in nearly a month.
The sudden surge highlights how sensitive FTT remains to developments involving Bankman-Fried, even as the former billionaire continues serving his sentence and the broader FTX bankruptcy process moves forward.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
