Sol plummeted to a few dollars due to the FTX exchange and now it is as high as 264 dollars
I believe that after FTX is reorganized, FTT will also follow the path of SOL.
As BeInCrypto reported earlier, former FTX founder Sam Bankman-Fried has attracted much attention for his early release from prison.
However, tweets from Musk and others indicate that this is very likely.
So, what are the chances that the FTX founder will be out of prison less than a year after his conviction?
In 2020, at the height of FTX’s career, Sam Bankman-Fried donated $5.2 million to a pro-Biden super PAC. He is the second-largest individual donor to the Democratic Party after Michael Bloomberg.
Historically, political donors and their affiliates have a significant advantage in terms of conviction and pardoning.
Take Marc Rich, for example; this "notorious" oil trader evaded at least $50 million in taxes as early as 2021. However, he received a pardon on the last day of Clinton's presidency.
The controversy surrounding the pardon arises because Rich's ex-wife Denise is a major donor to the Democratic Party. She has made substantial donations to Clinton's presidential library and the Democratic National Committee.
Similarly, Paul Pogue is another convicted tax fraudster who was pardoned by Trump in 2020.
Reports indicate that this was because Pogue's family donated over $200,000 to Trump's campaign.
Predictive market analyst Kalshi posted on X: "Sam Bankman-Fried used stolen millions from clients to fund political activities."
"SBF donated nearly all of his funds to the Democratic Party (98%), making him the second-largest donor to the Democratic Party, and now the likelihood of Biden pardoning him is 12%."
Given historical cases where political donors are more likely to receive leniency, the controversy over whether Sam Bankman-Fried might be pardoned by Biden is also normal.
Additionally, Biden pardoned Michael Conahan last week.
Conahan was sentenced to 17 years in prison for a scandal involving "exchanging children for money." He accepted bribes from private juvenile detention centers, often sending children there on minor charges.
This is a specific indication that Biden may not shy away from pardoning serious criminals.
In Bankman-Fried's trial, the most controversial point was that the government overlooked charges related to campaign finance.
Initially, Bankman-Fried faced eight criminal charges, including conspiracy to defraud the United States and violating campaign finance laws.
However, this campaign finance charge was dropped in July 2023.
Initially, due to a treaty obligation in the Bahamas, Bankman-Fried's charges were dropped. Essentially, the Bahamian government opposed including this specific charge in the extradition request.
However, the prosecution claims that these charges will be tried separately.
The purpose of the second trial is to address the dropped campaign finance charges, along with some charges related to bribery and operating an unlicensed remittance business.
However, in December 2023, the prosecution announced that there would be no second trial, as the evidence for the second trial would largely repeat what had already been presented in the first trial.
Earlier this year, Sam Bankman-Fried was sentenced to 25 years in prison for multiple counts of wire fraud and other charges.
However, given the scale and impact of his crimes, many believe the sentencing was too light.
The collapse of FTX caused clients and creditors to lose over $16 billion, and the crypto asset winter also cost the market over $100 billion. Therefore, as one of the largest financial scandals in U.S. history, many believe this sentencing is lenient.
Prominent lawyer Richard W. Painter wrote: "Sam Bankman-Fried and his associates hope to receive a pardon or reduced sentence in exchange for the campaign donations they stole from FTX investors. Any president who agrees to do so should be impeached for bribery."
The prosecutor initially sought a 50-year prison sentence, believing that Sam Bankman-Fried's crimes were "historic" in scope and severity.
Prosecutors emphasized the significant economic losses suffered by FTX clients and the decline in public trust in the crypto asset market.
Additionally, Caroline Ellison, who actively took client funds from FTX and Bankman-Fried, was sentenced to only 2 years in prison due to her cooperation with prosecutors.
Most surprisingly, Gary Wang, the coder who provided unlimited credit to Alameda, completely avoided prison.
In light of these facts, and critics believing the sentence was too light, the crypto asset industry clearly anticipates that Sam Bankman-Fried may receive leniency.
However, it is important to note that the connection between donations and pardons is not always consistent.
The president may approve a pardon for other reasons, and it is difficult to clearly demonstrate that donations were the sole or primary motivating factor.
But it is certain that the existence of wealthy individuals using political donations to escape legal troubles will inevitably raise moral concerns.
