Today
On the afternoon of (23), Tesla CEO Musk hinted on the X platform (formerly Twitter) that the Biden administration is likely to pardon the bankrupt cryptocurrency exchange FTX founder SBF (who was sentenced to 25 years in prison this March).
Earlier today, KOL Wall Street Mav posted a day's tweets asking users: "Guess who President Biden might pardon early?" SBF is the second largest donor to the Democratic Party. Musk responded: "If this doesn't happen, I'll be shocked." This statement has sparked widespread public attention.
SBF Sentenced to 25 Years
SBF was indicted in 2022, charged with misappropriating billions of dollars of customer funds to pay off debts of Alameda Research, the firm he founded, as well as securities fraud, among other charges. After court proceedings, he was sentenced to 25 years in prison in March of this year and is currently serving his sentence. This case not only shook the cryptocurrency world, but also became one of the major financial crime cases in history.
Further Reading: SBF Sentenced to 25 Years: Judge, Lawyers, and His Own Defense - Full Transcript of Sentencing Hearing
Market Betting: 13% Chance of Pardon
According to data from the decentralized prediction market Polymarket on "Who will Biden pardon?", the market generally believes that the possibility of Biden granting a presidential pardon, commutation or reprieve to SBF before the inauguration of the next U.S. president next year is around 13%. This figure had previously reached 16% before the deadline.
On the other hand, the price of FTT also surged over 20% at one point today. Although it has been officially confirmed that FTX will not be restarted, FTT currently seems more like a meme coin, and any news related to FTX and SBF will cause huge volatility, so users should be cautious.
