FTT Surges 43% on False Trump Pardon Rumors

FTX’s native token, FTT, experienced a significant surge of approximately 43%, reaching $1.3 on Saturday. This sudden increase was triggered by false reports suggesting that Sam Bankman-Fried had received a pardon from President Donald Trump. The misinformation led to a temporary spike in the value of FTT, highlighting the sensitivity of the cryptocurrency market to news and rumors.

However, there is no official evidence or documentation on the Justice Department’s website indicating that Bankman-Fried has been granted clemency by President Trump. This absence of concrete information underscores the speculative nature of the market reaction and the potential for misinformation to drive short-term price movements.

It is worth noting that several figures in the crypto industry have previously received presidential pardons. For instance, the co-founders of BitMEX, Arthur Hayes, Benjamin Delo, and Samuel Reed, as well as the creator of Silk Road, Ross Ulbricht, have all benefited from such clemency. These precedents may have contributed to the initial optimism surrounding the false report about Bankman-Fried.

Bankman-Fried, who is currently facing a 25-year prison sentence following his fraud conviction related to the collapse of FTX, has been actively seeking a presidential pardon. His efforts are supported by his parents, Joseph Bankman and Barbara Fried, as well as other allies. The pursuit of a pardon reflects the broader legal and political landscape surrounding high-profile cases in the crypto industry, where the outcomes can have far-reaching implications for market sentiment and regulatory frameworks.