20.07.2025 02:13

A false report claiming that former FTX CEO Sam Bankman-Fried had received a presidential pardon from Donald Trump sent the FTX token (FTT) soaring by 43%, reaching a price of $1.30 on Saturday. This dramatic price increase was entirely fueled by misinformation; no official confirmation of a pardon exists, and the Justice Department's website, which records such grants, shows no evidence to support the claim.

Despite the lack of verifiable evidence, the rumour triggered a significant market reaction, highlighting the volatile nature of the cryptocurrency market and its susceptibility to speculation. The rapid price surge underscores how easily misinformation can manipulate sentiment and drive substantial shifts in asset valuations.

Several prominent figures within the crypto industry have previously benefited from presidential pardons, including BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, along with Ross Ulbricht, the creator of Silk Road. This precedent may have contributed to the initial belief in the false report, influencing the market's response.

While Bankman-Fried, facing a potential 25-year prison sentence for his role in FTX's collapse, is actively lobbying for a pardon with the support of his family and allies, experts largely dismiss the likelihood of success. His past political affiliations and President Trump's generally transactional approach to clemency are cited as significant impediments. Even Binance's CZ has reportedly sought a pardon from Trump, showcasing a trend among cryptocurrency executives. Nonetheless, the probability of Bankman-Fried receiving a pardon remains low, according to these experts. The incident underscores the significant influence of rumors and the fragility of the cryptocurrency market.