Recent speculations on X regarding the possibility of Joe Biden granting Sam Bankman-Fried an early pardon has ignited a heated discussion online.
When the debate first erupted, it seemed that netizens were also quite skeptical that Joe Biden might grant a pardon for Sam Bankman-Fried, with only 10% of the people on Polymarket voting that Joe Biden would do so, and 90% of the people on the platform voting that they don't think this would happen.
And yesterday, things got even more heated after the world's richest man reacted to this online trend.
Elon Musk broke his silence on the subject yesterday with a X post that writes
"I would be shocked if this doesn't happen."
But despite his speculations, Polymarket users remain unconvinced about the likelihood of a pardon.
According to the votes on the platform, it seems that the person who the netizens think is most likely to get the pardon from Joe Biden is Joe's brother, Jim Biden, followed by Anthony Fauci in second place.
The data seems to suggest that the internet thinks that the likelihood of Biden granting Sam Bankman-a pardon is highly improbable.
There are also rumours that Biden would be hesitant to grant Bankman-Fried a pardon because of the backlash that he might get if he does so.
But despite all the obvious signs, it seems that Elon Musk is very confident that the government could overlook Bankman-Fried's wrongdoings to offer him a pardon.
Musk's confidence roots from Bankman-Fried's past alliance with the democratic party. During his time as the CEO of FTX, Bankman-Fried has made massive donations to the Biden administration. In fact, Sam Bankman-Fried was the second largest donor to the democratic party.
The U.S president has the constitutional power to grant pardons for federal offenses. They include those related to drug offenses, financial crimes, tax evasion, and other violations of federal law.
Past US presidents, including Barack Obama and Donald Trump, pardoned a total of 2,164 individuals before leaving the White House during their last tenure.
And since Bankman-Fried faced conviction for orchestrating a fraud involving the misappropriation of customer funds and other crimes under U.S federal law, he would be eligible for a pardon.
But Bankman's case is a very unique one; in fact, the FTX case was even named as one of the largest financial frauds in history.
The former FTX boss was indicted in December 2022 for defrauding FTX and Alameda Research investors of around $8 billion. He faced charges including wire fraud, securities fraud, commodities fraud, money laundering, and campaign finance violations.
Bankman-Fried was caught and sentenced to 25 years in prison in March 2024, marking a dramatic fall for the former crypto mogul who once held the spotlight as a promising figure in the industry. His conviction sent shockwaves across the crypto sector exposing vulnerabilities in oversight and trust within the ecosystem.
Bankman's co-conspirators, Caroline Ellison, the former CEO of Alameda Research and Ryan Salame both received prison sentences as well. But interestingly, FTX executives Gary Wang and Nishad Singh both avoided prison time.
Ryan Salame, a former top executive at the failed cryptocurrency exchange FTX, who received a 7.5 years in prison sentencing could be coming out of prison a whole year early, according to Business Insider report.
XingChiRyan Salame, former co-CEO of FTX, has begun a 7.5-year prison sentence for illegal political contributions and running an unlicensed money-transmitting business, amid scrutiny over varying punishments for FTX executives.
EdmundFormer FTX executive Ryan Salame is set to report to prison on October 11 to serve a seven-and-a-half-year sentence. Salame said on Twitter that he was looking forward to his upcoming life in prison, describing the sentence as being like "summer camp."
DanteRyan Salame, a former FTX executive, has withdrawn his petition to change his guilty plea after his partner, Michelle Bond, was indicted on campaign finance violations. This marks another chapter in Salame's legal challenges tied to FTX.
DanteRyan Salame’s challenge to his conviction centres on allegations that prosecutors breached their promise regarding the investigation into his partner. The outcome of this case could affect future plea deals and investigations in the cryptocurrency sector.
EdmundRyan Salame seeks to postpone his prison sentence due to a dog attack, needing medical treatment.
BerniceU.S. prosecutors demand a 5-7 year sentence for Ryan Salame, citing his role in FTX's collapse and the embezzlement of $10 billion, contrasting with defense calls for 18 months.
WeiliangRyan Salame, ex-co-CEO of FTX, agrees to forfeit a $5.9 million Bahamas property to settle criminal charges, as part of a plea deal.
AlexFormer FTX co-CEO Ryan Salame's sentencing rescheduled to May 28, reasons undisclosed. Despite pleading guilty, his role in the exchange's collapse remains unclear amidst ongoing legal proceedings.
Huang BoWiki Finance Expo, Sydney 2023, yang dijadwalkan pada tanggal 16 November, akan menyoroti area-area utama termasuk regulasi, Forex, Crypto, Web 3.0, Metaverse, AI, dan ESG.
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