Crypto crashes because of ‘trade war’ while FTX founder Sam Bankman-Fried wants presidential pardon

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Last Updated on 3 February 2025 by CryptoTips.eu

The term “trade war” was trending on social media on Sunday and Monday morning, leading to a rapidly declining crypto market. As predicted yesterday, a retest of the $90-$95k support line for Bitcoin was to be expected in the short term. If further and larger tariffs are announced, crypto markets and global exchanges could fall further.

Altcoins fell 10-20 % in a single day.

Earlier this month, on the second day of his presidency, Donald Trump pardoned Ross Ulbricht, founder of the notorious Silk Road website, which provided an initial use case for Bitcoin back in 2013 and 2014. The parents of Sam Bankman-Fried, founder of the defunct platform FTX in 2022, clearly noticed this and now request a similar pardon for their son Sam. Crypto fans are however not convinced that the two cases are the same.

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Silk Road

Ross Ulbricht, founder of Silk Road, was pardoned by Trump on the second day of his presidency (as promised). Crypto fans are still waiting for a first interview, while the Hollywood Reporter last week exclusively reported that he will speak about his time in prison in a documentary about Silk Road due out next month.

FTX

As Trump pardoned one known ‘crypto-criminal’, the parents (Joseph Bankman and Barbara Fried) of FTX founder Sam Bankman-Fried, both of whom are law professors, believe their son now also qualifies for such a presidential pardon. Sam Bankman-Fried is serving a 25-year prison sentence.

According to reports in the New York Post, even Ryan Salamé, former CEO of FTX, is also considering asking Trump for a pardon. However, crypto fans see this in a different light. According to them, Ulbricht never planned to steal crypto from Silk Road investors or customers, while this was different at FTX.

Lawyers for SBF however claim that most of the money investors lost due to the fall of FTX has by now been returned and that their client’s sentence should therefore be reconsidered.

A presidential pardon for SBF seems unlikely to me. However, given that FTX made political donations to both Democrats and Republicans in its heyday, there is always a chance that some Republican Senator will take care of it. To be continued I’m sure.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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