Elon Musk Predicts Early Pardon for Sam Bankman-Fried (SBF) by the Biden Administration

Tesla's CEO Elon Musk predicted that the Biden Administration may pardon Sam Bankman-Fried (SBF), founder of the bankrupt FTX exchange, early.

Elon Musk, the CEO of Tesla, has predicted that the Biden Administration may grant an early pardon to Sam Bankman-Fried (SBF), the founder of the bankrupt FTX exchange.

Musk’s prediction came in response to a statement by an X (formerly Twitter) user, who said that he would be “surprised if it doesn’t actually happen.” The user was referring to the fact that SBF is the second largest donor to the Democratic Party.

“Guess who President Biden might pardon early. (Sam Bankman-Fried) is the second largest donor to the Democratic Party.”

SBF was convicted in December 2022 of embezzling billions of dollars in client funds to pay off Alameda Research’s debts and buy luxury real estate in the Bahamas. He was sentenced to 25 years in prison in March and is currently serving his sentence.

FTT price increased

FTT price quickly surged more than 5% to $3.4, likely driven by speculation following Elon Musk’s response.

FTX Exchange was a leading centralized cryptocurrency exchange that specialized in spot markets, derivatives, options, volatility and leveraged products. It was founded in 2018 by Sam Bankman-Fried, a Massachusetts Institute of Technology (MIT) graduate and former Jane Street Capital international exchange-traded funds (ETFs) trader. FTX Exchange operated two trading arms… FTX, an international platform based in the Bahamas, and FTX US, a separate US subsidiary where only US residents could trade. In early November 2022, FTX was dissolved as FTX, FTX US and the companies in their orbit fell out of favour.

While FTX equity was not available for public trading, most retail investors could bet on the exchange by purchasing the FTX token (FTT) issued by the exchange. This token could be used to pay transaction fees and as margin collateral, and was traded on cryptocurrency markets similar to a stock. According to cryptocurrency aggregator site CoinMarketCap, the token no longer has any use and can be liquidated by the estate to pay creditors.

Bankman-Fried had maintained his innocence during interrogations and denied the charges against him on January 3, 2023. However, he was later found guilty by a jury on November 2 at the end of a month-long trial that began on October 2.

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