Sam Bankman-Fried, also known as SBF, is the former founder and CEO of FTX, the cryptocurrency exchange that collapsed in 2022. Before the collapse, he was seen as a crypto billionaire and major political donor. After FTX failed, prosecutors said he secretly used billions of dollars in customer money to cover losses at his trading firm, Alameda Research, and to fund investments, personal spending, and political donations. He was convicted in 2023 on fraud and conspiracy charges and sentenced in March 2024 to 25 years in prison.

The recent news is that Bankman-Fried has formally applied for a presidential pardon from President Donald Trump. Reports say the request was submitted through the Justice Department’s Office of the Pardon Attorney, and his case is listed as pending. This does not mean he has been pardoned; it only means the request is officially in the system.

The pardon effort is controversial because SBF was once closely tied to Democratic politics, donating heavily to Democrats before FTX collapsed. Now, he has reportedly tried to appeal more to Trump’s world by praising Trump publicly and seeking conservative support. Some reports say he has also brought in people with Trump-world connections to help lobby for clemency.

His argument is basically that his trial was unfair and that the public story around FTX was misleading. He has continued trying to overturn his conviction, including appeals and requests for a new trial. But critics say he was properly convicted for one of the biggest financial frauds in crypto history, and that a pardon would send a bad message to victims and investors.

For now, the odds do not look great for him. Trump has previously said he does not plan to pardon Bankman-Fried, and several political figures have spoken against the idea. Still, the request matters because Trump has granted clemency to some other crypto-related figures, so SBF is likely hoping the political environment gives him a chance.