Bankman-Fried is serving a 25-year sentence for fraud and conspiracy related to the collapse of FTX, allegedly made the comment during a conversation with a fellow inmate. The report also revealed that he filed a presidential pardon application with the Trump administration on June 8. Meanwhile, his legal options have narrowed after a U.S. appeals court upheld his conviction and sentence, while his efforts to secure a new trial have also faced setbacks.
New details have emerged about former FTX CEO Sam Bankman-Fried’s life behind bars, including a surprising comment that he may consider launching a new cryptocurrency if he is ever released from prison. According to a recent report by New York Magazine, Bankman-Fried is still incarcerated at a federal prison in Lompoc, California, and is pursuing legal appeals and political avenues that could potentially shorten his sentence.
Bankman-Fried is currently serving a 25-year prison term after his 2023 conviction on multiple counts of fraud and conspiracy tied to the collapse of cryptocurrency exchange FTX. The downfall of FTX is one of the biggest scandals in the history of the digital asset industry, and resulted in billions of dollars in customer losses.
The report revealed a conversation between Bankman-Fried and fellow inmate David Bunevacz, who reportedly asked the former crypto executive what he would do if he were released from prison. According to Bunevacz, Bankman-Fried responded that launching a serious business would require between $50 million and $100 million in startup capital before adding that he would simply “start my own coin.”
Bunevacz claimed Bankman-Fried also said that “everyone’s gonna jump on it,” although he later suggested the comment may have been made jokingly and acknowledged that investors would likely be hesitant to support such a venture given Bankman-Fried’s history. Even so, the remarks quickly attracted attention from the crypto community.
The report also stated that Bankman-Fried formally submitted a presidential pardon application to the Trump administration on June 8. After reports of the filing, prediction market platform Polymarket reportedly saw the odds of a pardon before 2027 rise to approximately 14%.
However, Bankman-Fried’s legal options have narrowed over the past few months. A US appeals court recently upheld both his conviction and his 25-year sentence, rejecting arguments that key evidence was improperly excluded during his trial. The three-judge panel concluded that the evidence presented was sufficient to support the jury’s verdict.
While Bankman-Fried may still pursue more appeals, the court ruling is a major setback. His efforts to secure a new trial have also weakened after he withdrew a Rule 33 motion in April, although he is still looking for a reassignment to a different judge.
