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- Bankman-Fried’s dad and mom search clemency from Trump, holding conferences with authorized figures in his orbit.
- White Home declines to touch upon pardon outreach.
- FTX property settles with LayerZero after extended authorized battles.
Jailed FTX founder Sam Bankman-Fried, is now searching for clemency from President Donald Trump. Conferences by his dad and mom, Stanford Regulation Faculty professors Joseph Bankman and Barbara Fried, with legal professionals and key figures in Trump’s orbit have fueled rumors a couple of potential pardon.
The crypto innovator-turned-convicted felon acquired a 25-year sentence in March 2024, for the forfeiture of $8 billion from FTX clients. Since then, greater than two dozen letters had been filed to plead for the choose’s leniency. Bankman-Fried’s legal professionals additionally requested US District Decide Lewis Kaplan to punish him for no more than 6.5 years, citing his psychological situation and charitable deeds.
SBF vs. Ulbricht: A Story of Two Pardons
Whereas there’s no official affirmation from the White Home, Trump’s pardon of Silk Street founder Ross Ulbricht and the altering stance on cryptocurrency is seen by many as the following potential chapter in Trump’s pro-crypto narrative.
Bankman-Fried, who has described his sentence as “draconian,” lacks the identical grassroots help that Ulbricht acquired from libertarians and crypto lovers.
Nonetheless, Trump’s shift from crypto skepticism to help and the current assembly along with his dad and mom has sparked hope amongst white-collar defendants. As of now, authorized representatives for Bankman-Fried, who has already filed an attraction towards his 2023 conviction, declined to remark.
Associated: Trump Pardons Ross Ulbricht, Ending Life Sentence for Silk Street Crimes
LayerZero Settles with FTX Property
The event comes alongside a major authorized breakthrough for the FTX property. After two years of intense authorized battle, LayerZero CEO confirmed a settlement settlement with the FTX property. “Finally, we determined this was not us versus FTX however us versus collectors,” the CEO acknowledged, emphasizing the return of the unique repurchase quantity to the property.
Associated: Kraken Begins FTX Claims Payouts for Collectors Below $50K
FTX pursued authorized motion towards LayerZero Labs to recoup greater than $21.3 million in cryptocurrency deposits made in 2022. The withdrawal occurred within the 90 days earlier than FTX’s declaration of chapter. The decision comes at a major value, underscoring the extended challenges confronted by the defunct change and its collectors.
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