The native token of the defunct cryptocurrency exchange FTX, $FTT, witnessed a massive price spike, surging nearly 90% from a baseline of roughly $0.22 to an intraday high of $0.42. This sudden volatility followed breaking news that FTX co-founder Sam Bankman-Fried (SBF) has formally submitted an application for a presidential pardon to the United States Department of Justice (DOJ).
Why did FTT Price Go UP?
On June 8, 2026, Sam Bankman-Fried officially filed a petition for a presidential pardon with the DOJ’s Office of the Pardon Attorney. Bankman-Fried is currently serving a 25-year federal prison sentence following his 2023 conviction on seven counts of wire fraud, securities fraud, and money laundering tied to the $8 billion collapse of FTX.
Legal analysts note that the filing specifies a request for a "pardon after completion of sentence," a narrow designation aimed at restoring civil rights rather than securing immediate release. However, the nuance of the filing was quickly ignored by crypto traders. Speculators rushed into the low-liquidity FTT token, driving a massive volume spike and a rapid price appreciation within hours of the public d...
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