FTX token (FTT) spikes 50% as Sam Bankman-Fried seeks presidential pardon
·2 min read
Compiled by KHAO Editorial
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Sam Bankman-Fried (SBF), the disgraced founder of the bankrupt FTX exchange, is serving a quarter-century in federal prison for orchestrating one of the largest financial frauds in US history.
Key facts
Following reports of the pardon application, FTT spiked more than 50% over 24 hours, peaking at $0.35
As a result, US District Judge Lewis Kaplan imposed a 25-year prison term, three years of supervised release, and more than $11 billion in forfeiture
FTX Token is +21.72% over the past 24 hours and currently sits at rank # 184 by market cap
Moreover, CoinMarketCap data shows that the trading volume for the bankrupt token skyrocketed by over 600%, surpassing $16 million
Summary
01 Sam Bankman-Fried formally asked for a presidential pardon, and FTT jumped more than 50% in 24 hours. 02 The surge shows traders are using the bankrupt token as a bet on his clemency effort, not FTT utility. 03 Trump has repeatedly rejected clemency, and Polymarket prices a pardon at 8%, leaving the trade highly speculative. Yet, crypto speculators are wagering that a newly filed presidential pardon application could somehow reverse his fortunes.