SBF officially submits "Presidential Pardon Application," $FTT surges 60%! Will Trump give the nod?

Currently serving a 25-year sentence, former FTX CEO Sam Bankman-Fried (SBF) has officially submitted a presidential pardon application to the U.S. Department of Justice. Although the White House previously indicated that Trump has no intention of issuing pardons, this news still sparked market speculation, causing FTX platform token FTT to surge over 60% in a single day.
(Background recap: Trump pardons 250 people to "celebrate America's 250th birthday"! SBF, Samourai founder, Tornado Cash cry for clemency)
(Additional background: SBF speaks from prison: "Absolutely want" presidential pardon, missed AI boom, FTX's 170% repayment proves unfair prosecution..)

The co-founder of FTX, Sam Bankman-Fried (SBF), who is behind bars, has not given up hope of regaining his freedom. According to a report by Bloomberg on June 8, 2026, the 34-year-old SBF has formally submitted a pardon application to the Pardon Attorney Office of the U.S. Department of Justice, seeking a "pardon after completion of sentence."

Ignoring White House rejection, SBF officially submits pardon request

In 2024, SBF was sentenced to 25 years in prison for seven serious crimes, including embezzling billions of dollars of customer funds. The report notes that during Donald Trump’s second term, when the pardon power was frequently exercised, SBF and his team actively sought executive clemency. Despite his parents’ frequent lobbying efforts, and SBF himself posting on social platform X praising Trump and emphasizing that FTX customers had been overcompensated, the White House had previously made it clear multiple times that Trump "has no intention of pardoning" this notorious crypto magnate.

Speculative buying floods in, FTT soars over 60% in a single day

Despite the slim chances of a pardon, the cryptocurrency market reacted strongly to this news. FTX’s platform token FTT, which is considered to have no real utility and faces liquidation risks in bankruptcy proceedings, saw a surge driven by speculative buying akin to "buying lottery tickets."

Market data shows that FTT’s price jumped from a low of $0.23 to nearly $0.395 within 24 hours, with a daily increase of 52% to 66%, hitting a near one-month high, and daily trading volume skyrocketing to over tens of millions of dollars. Analysts warn that such news-driven speculative pumps carry extremely high risks, and investors should be cautious and mindful of chasing gains.