Sam Bankman-Fried (@SBF_FTX), the convicted founder of collapsed crypto exchange FTX, has reportedly told a fellow inmate that he intends to launch his own cryptocurrency once he is released
Sam Bankman-Fried (@SBF_FTX), the convicted founder of collapsed crypto exchange FTX, has reportedly told a fellow inmate that he intends to launch his own cryptocurrency once he is released from prison, claiming investors would rush to back it.
The anecdote came from fellow inmate David Bunevacz, who said Bankman-Fried often spoke about needing tens of millions of dollars to build a meaningful business.While in prison, Bankman-Fried reportedly told Bunevacz he plans to raise $50 to $100 million upon release to launch his own coin, believing everyone would jump on it.Bunevacz added a caveat: "He may have been joking, and they probably won't flock to it. But who knows."
The comments, first reported by New York Magazine, offer a rare window into how Bankman-Fried sees his own future. His connection to the crypto world has never fully severed: according to a report by The New York Times in February 2024, the former FTX CEO shared crypto-related views with prison guards, including encouraging them to consider buying Solana.
One of Bankman-Fried's final viable avenues to overturn his conviction closed after a federal appeals court upheld both his fraud conviction and his 25-year prison sentence.The 2nd U.S. Circuit Court of Appeals in Manhattan denied his appeal, upholding his 2023 conviction on seven felony counts, including wire fraud and conspiracy charges.Bankman-Fried remains at a low-security federal prison near Santa Barbara, California, and is not eligible for release until 2044.
With the courts offering little relief, Bankman-Fried has turned to executive clemency. He has formally submitted a request for a presidential pardon to President Donald Trump. The co-founder of the now-defunct FTX crypto exchange is currently serving a 25-year federal prison sentence after being found guilty of orchestrating a massive fraud scheme that misused billions of dollars in customer funds at FTX and its affiliated trading firm, Alameda Research.A White House spokesperson pointed to a January interview Trump gave to the New York Times, in which he said he would not pardon Bankman-Fried.
At 34, Bankman-Fried remains focused on reversing his conviction or securing a presidential pardon while documenting his experiences in a serialized memoir titled Manfred. Whether his cryptocurrency ambitions ever move beyond prison-cell speculation will depend largely on whether he can find a path out of a sentence that currently stretches to 2044.
Sources:Crypto Briefing: Sam Bankman-Fried reportedly plans to launch a new token after prisonCNBC: Convicted FTX founder Sam Bankman-Fried files formal request for Trump pardonBitcoin Magazine: Sam Bankman-Fried Loses Appeal, 25-Year Sentence Upheld
