The original token of the defunct cryptocurrency exchange FTX, $FTTsaw a massive price surge, rising almost 90% from a baseline of approximately $0.22 to an intraday high of $0.42. This sudden flip came on the heels of breaking news that FTX co-founder Sam Bankman Fried (SBF) has formally submitted a request for a presidential pardon to the US Department of Justice (DOJ).
Why did the price of FTT increase?
On June 8, 2026, Sam Bankman Fried formally filed a petition for a presidential pardon with the Department of Justice’s Office of the Pardon Attorney. Bankman-Fried is currently serving a 25-year federal prison sentence after being convicted in 2023 on seven counts of wire fraud, securities fraud and money laundering related to the $8 billion FTX collapse.
Legal analysts point out that the file specifies a request for “post-sentence pardon,” a narrow designation aimed at restoring civil rights rather than securing immediate release. However, the nuance of registration was quickly overlooked by cryptocurrency traders. Speculators rushed into the low-liquidity FTT token, triggering a surge in volume and a rapid price spike within hours of the public reveal.
FTT Price Analysis: Speculation on Essence
According to market data, FTT traded in a narrow, low range near $0.22 before it exploded vertically to over $0.42. The 4-hour chart shows an isolated green candle with high volume, pushing the Relative Strength Index (RSI) deep into overbought territory above the 80 level.
Market analysts warn that this rally is driven entirely by sentiment and narrative. Because the FTX exchange is no longer operating, and the bankruptcy institution is systematically liquidating its holdings to pay off creditors, FTT does not bear any principal interest. The token’s circulating supply is highly concentrated and illiquid, making it highly vulnerable to local “pump and dump” dynamics when headlines emerge.
Previous: Czechoslovakia’s strategic amnesty raises hope
FTT’s aggressive buying is largely driven by recent historical precedents in the cryptocurrency regulatory landscape. In October 2025, President Donald Trump granted a full and unconditional presidential pardon to Binance founder Changpeng “CZ” Zhao.
Chow had previously served a four-month prison sentence after pleading guilty to anti-money laundering (AML) violations under the Bank Secrecy Act. The Czechoslovakia pardon followed extensive institutional alliances and deep financial integrations between offshore entities and the Trump family’s network of digital asset initiatives, including World Liberty Financial.
Traders are betting that Bankman-Fried’s legal representatives — who have actively dealt with Republican strategists linked to the administration — may repeat a similar result.
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What happens after SBF? Facts versus expectations
Despite the market euphoria, the likelihood of SBF receiving immediate relief remains low. Political watchdogs and financial advocacy groups, such as Americans for Financial Reform (AFR), immediately issued statements condemning the clemency request. Critics point out that unlike the Czechoslovakia case, which involved regulatory compliance failures without direct fraud charges, Bankman Fried was convicted of intentionally stealing billions in customer deposits.
Predictive markets on platforms such as Polymarket The probability of an SBF pardon before the end of 2026 is currently priced at less than 8%. With low trading volume, market history suggests that late-stage FTT buyers face a high risk of severe liquidation as the initial hype dissipates.
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