As President Joe Biden’s tenure nears its end on January 20, there remains the possibility for him to grant pardons or commute sentences for individuals convicted of federal offenses. Some cryptocurrency enthusiasts are now placing bets on whether Biden will intervene in the cases of former FTX CEO Sam “SBF” Bankman-Fried and Silk Road founder Ross Ulbricht.
As of January 9, the cryptocurrency betting platform Polymarket had set the odds at 4% for Biden to issue a pardon for Bankman-Fried, while Ulbricht’s chances stood at 2%. At the time, over $5 million had been wagered on SBF’s potential pardon and approximately $1.2 million on Ulbricht’s.
Bankman-Fried, who was convicted of multiple felony charges in 2023 related to fraudulent activities within FTX, is currently serving a 25-year sentence but has filed an appeal. In contrast, Ulbricht received a life sentence without parole in 2015 for running the notorious Silk Road darknet marketplace.
Biden, who has only 11 days left in office, announced in December that he would commute the sentences of over 1,500 individuals who had been placed on home confinement during the COVID-19 pandemic. His pardoning actions have included a controversial decision to pardon his son, Hunter Biden, who faced felony firearm charges.
While it remains uncertain whether President Biden will make additional pardons or sentence commutations in his remaining time, he retains the power to address the cases of both Bankman-Fried and Ulbricht. During his presidential campaign, Donald Trump promised to commute Ulbricht’s sentence, though he did not take action on that front during his first term.
Neither Biden nor Trump has openly suggested granting a pardon for SBF, who has faced bipartisan condemnation for his involvement in the downfall of FTX. However, reports have indicated that Trump’s advisors had pushed for him to consider pardoning former NSA contractor Edward Snowden, who has been living in exile in Russia since 2013.
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