As US President Joe Biden nears the end of his term on January 20, there is speculation about his potential pardons, particularly concerning the founders of Silk Road and FTX.
Betting on a pardon
Cryptocurrency betting platform Polymarket has set the odds of former FTX CEO Sam Bankman-Fried receiving a pardon at 4% and Silk Road founder Ross Ulbricht at 2%. At the time of publication, more than $5 million had been wagered on SBF’s chances and $1.2 million on Ulbricht’s.
Appeal efforts
Bankman-Fried was convicted of seven felony counts in 2023 for fraud at the cryptocurrency exchange and is serving a 25-year sentence. Ulbricht was sentenced to life imprisonment without parole in 2015 for crimes related to his darknet marketplace activities.
Political promises
Recently, President Biden announced pardons for over 1,500 individuals who were on home confinement. However, his intention to issue further pardons remains unclear. President-elect Donald Trump had made it a campaign promise to address Ulbricht’s sentence.
Biden still has the opportunity to issue more pardons, which could include influential figures in the crypto industry, but his intentions are yet to be disclosed.
