Sam Bankman-Fried (SBF), the imprisoned former CEO of the collapsed FTX exchange, has launched a public attack, claiming his fraud conviction was the result of political bias and "lawfare" orchestrated by the Biden administration. In a series of posts published via a proxy on X, SBF accused federal prosecutors of preventing him from presenting evidence that he claims would have proven FTX was solvent at the time of its failure.
SBF reiterated his long-standing claim that "The money was always there, and FTX was always solvent." He specifically alleged that prosecutor Danielle Sassoon authored a 70-page document containing exculpatory evidence that was excluded from his trial. He further claimed that Judge Lewis Kaplan, who presided over his case, "rubber-stamped everything Biden’s DOJ wanted" and kept this evidence from the jury. The court had previously ruled that the potential future recovery of assets was irrelevant to the fraud charges.
The former executive framed his prosecution as politically motivated, citing multiple reasons for the administration's alleged targeting. He stated the Biden administration "hated crypto," and he was a prominent face of the industry. SBF also pointed to his switch from being a major Democratic donor to a Republican donor, and his opposition to former SEC Chair Gary Gensler, as contributing factors.
SBF's statements also defended former FTX Digital Markets co-CEO Ryan Salame, who is serving a 90-month prison sentence. SBF alleged Salame faced "bogus charges" after refusing to testify against him and claimed prosecutors threatened Salame's then-pregnant fiancée, Michelle Bond, to force a guilty plea. Federal prosecutors have denied these allegations on the record.
His claims have been directly refuted by former FTX general counsel Ryne Miller, who stated in October 2025 that assets available at bankruptcy were "nowhere near adequate" and that founders were "fabricating asset lists."
The timing of the posts coincides with SBF's ongoing appeal, which partly hinges on the solvency argument. Notably, his rhetoric has shifted to align with and praise former President Donald Trump, sparking speculation that he is angling for a potential presidential pardon. Prediction markets saw a slight increase in the odds of a pardon around his appeal hearing in November 2025, though no official indication has been given.
