Bankman-Fried files pardon petition as FTT jumps 50%

Sam Bankman-Fried submitted a formal “pardon after completion of sentence” petition to the U.S. Department of Justice’s Office of the Pardon Attorney on June 8, 2026. The filing appeared on the DOJ’s public clemency case status search tool and the legacy FTX token FTT rose roughly 50% during trading after the petition was posted.

The petition seeks a pardon that would take effect after Bankman-Fried completes his prison term. The Office of the Pardon Attorney reviews formal clemency petitions and forwards recommendations to the White House. The president retains sole authority to grant or deny clemency and may act at any point in the process.

Markets reacted to the filing. FTT, associated with the defunct FTX exchange, increased about 50% intraday. Users on prediction markets moved estimates of a presidential pardon into a range of roughly 20%–35%, depending on the specific market and timeframe.

Bankman-Fried’s family and legal advisers have pursued clemency options for more than a year. His parents began meeting with advisers and contacts tied to the president’s orbit in January 2025. In late 2025 he used approved prison communication channels to post comments favorable to some administration policies. In February 2026 his mother filed a pro se motion seeking a new trial in federal court, citing newly available witness evidence.

Bankman-Fried was convicted in November 2023 on seven felony counts tied to the collapse of FTX and was sentenced in March 2024 to 25 years in prison with an approximate $11 billion forfeiture order. Prosecutors characterized the FTX failure as among the largest financial frauds in U.S. history. In January 2026, the president publicly stated he did not plan to pardon Bankman-Fried, and the White House later restated that position. The president has granted clemency to other figures in the crypto industry during his second term.

A pardon after completion of sentence does not commute a sentence or authorize early release. It can remove some civil disabilities attached to a felony conviction, such as restoring voting rights in certain jurisdictions, after the sentence is served. DOJ review of formal petitions can take months or years, and the White House may act outside the Office of the Pardon Attorney’s timetable.

In the coming weeks attention will focus on whether the White House responds publicly, whether Bankman-Fried’s legal team submits supporting materials to the pardon office, and how FTX victims and lawmakers react. The case remains developing.